Gold soars above 1,800 for the first time since 2011


As dollar dumped, gold jumped. That was the story on Wednesday as traders sold the US dollar (the EURUSD pair returned above 1.13), and they bought gold with both hands

At the time of writing, the precious metal was up 1.2% and trading at around 1,815 USD, which are levels last seen nearly a decade ago. 

As long as gold trades above the 1,790 - 1,800 USD support area, all three outlooks appear bullish (short, medium, and long-term). Should the US dollar fall further (which seems probable), we could see a quick run toward 1,900 USD here. 

However, if the bullion breaks below the mentioned support, we could see a steep decline as stop-losses will be hit, targeting the next support near 1,770 USD.

Sentiment and the fundamental situation are still bullish for precious metals. Thus dips are expected to be bought. 
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.