Gold is on the move timing could not be better for Ausmex,

Gold sits near multi-year tops, around $1775 level amid softer risk tone

NEWS | 28 minutes ago | By Haresh Menghani

• Share on Twitter
• Share on Facebook
• Share on Linkedin

• Gold remains well supported by concerns about rising coronavirus cases globally.
• A turnaround in the risk sentiment further underpinned the safe-haven commodity.
• A modest USD uptick might turn out to be the only factor capping gains for the metal.

Gold traded with a mild positive bias through the early European session and was last seen trading near multi-year tops, just BELOW $1775 level.

Despite the latest optimism over a sharp V-shaped global economic recovery, investors remain concerned about the rising number of coronavirus cases globally. This coupled with a turnaround in the global risk sentiment – as depicted by a sharp fall in the equity market – extended some support to the safe-haven precious metal.

The anti-risk flow was reinforced by an intraday pullback in the US Treasury bond yields, which further benefitted the non-yielding commodity. However, slightly overbought conditions kept a lid on any strong gains amid a modest pickup in the US dollar demand, which tends to undermine demand for the dollar-denominated commodity.
Looking at the technical picture, the metal has already confirmed a near-term bullish breakout from the recent trading range held since mid-April. This, in turn, supports prospects for a further near-term appreciating move. Hence, any corrective slide might still be seen as a buying opportunity amid absent relevant market-moving US economic release.

Technical levels to watch

XAU/USD

Overview
Today last price	1772.94
Today Daily Change	4.51
Today Daily Change %	0.26
Today daily open	1768.43

Trends
Daily SMA20	1725.17
Daily SMA50	1718.52
Daily SMA100	1661.8
Daily SMA200	1582.77

Levels
Previous Daily High	1771.14
Previous Daily Low	1747.51
Previous Weekly High	1745.46
Previous Weekly Low	1704.28
Previous Monthly High	1765.38
Previous Monthly Low	1670.72
Daily Fibonacci 38.2%	1762.11
Daily Fibonacci 61.8%	1756.54
Daily Pivot Point S1	1753.58
Daily Pivot Point S2	1738.73
Daily Pivot Point S3	1729.95
Daily Pivot Point R1	1777.21
Daily Pivot Point R2	1785.99
Daily Pivot Point R3	1800.84

All the best,


FireflyOne