Gold Could Be Bolstered by Global Uncertainty
PrimeXBT has investigated the markets and found some relevant data about XAU/USD that we would like to share with you.
Gold showed in 2019 that it can shine even when the U.S. Dollar appreciates and the stock markets reach fresh record levels. So, 2020 does not have to be a bad year for the gold market.
We previously pointed out that the markets currently have a positive sentiment with an optimistic outlook for the future. The breakout from the 23rd of December helped in making that happen. Since then, most days have been positive for Gold, and it has managed to climb around 40+ USD higher.
Currently, XAUUSD is approaching an important mid-term resistance, but it seems that it will be broken soon despite the Federal Reserve indicating in early December that they will be halting the rate cuts that were reintroduced after a four-year hiatus.
Gold is currently sitting above $1520, and bulls appear to be trying to get comfortable above this level. The market has been well supported by several factors, including, US election risk, phase 2 uncertainty, January seasonality effect, and a marginally weaker US dollar.
Please, let us know what you think about XAUUSD in the comment section below.
We’re wishing you all a great and profitable 2020!
Gold showed in 2019 that it can shine even when the U.S. Dollar appreciates and the stock markets reach fresh record levels. So, 2020 does not have to be a bad year for the gold market.
We previously pointed out that the markets currently have a positive sentiment with an optimistic outlook for the future. The breakout from the 23rd of December helped in making that happen. Since then, most days have been positive for Gold, and it has managed to climb around 40+ USD higher.
Currently, XAUUSD is approaching an important mid-term resistance, but it seems that it will be broken soon despite the Federal Reserve indicating in early December that they will be halting the rate cuts that were reintroduced after a four-year hiatus.
Gold is currently sitting above $1520, and bulls appear to be trying to get comfortable above this level. The market has been well supported by several factors, including, US election risk, phase 2 uncertainty, January seasonality effect, and a marginally weaker US dollar.
- Day's Range: 1518.35 — 1530.41
- Volume: 119.051K
- Support Level: 1500
- Local Resistance Levels: 1535, 1555
Please, let us know what you think about XAUUSD in the comment section below.
We’re wishing you all a great and profitable 2020!
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