Gold Price Weekly Outlook: Consolidating Near Record Highs

Gold Price Chart

Source: IG Charts

Gold Price (XAU/USD) Analysis, Price and Chart

  • Gold consolidates only next this week’s record high.
  • 10-year US genuine yields nearby -1.00%.

Gold Forecast
Gold Forecast

Gold printed a uninformed new all-time high progressing this week before subsidy off a fragment as US genuine yields fell serve into disastrous territory. The latest 10-year information shows US genuine yields are scarcely -1.0%, down from +0.6% in mid-March as a Fed continues to siphon US dollars into a system. Gold and US genuine yields have a clever disastrous association and this continues to hold. US genuine yields are UST yields reduction inflation.

Political doubt also stays a pivotal motorist of gold’s multi-month convene and this is approaching to sojourn a box all a approach adult to a US Presidential Elections in November, unless President Trump delays them as he suggested in a twitter on Thursday. While this is awfully unlikely, it adds another covering of doubt to what is already approaching to be a really flighty US choosing period. In addition, and of some-more evident concern, a US-China attribute continues to relapse serve and this, along with fears of a full-blown burble building in a US batch markets, will underpin any sell-off in gold.

The daily draft shows a bullion marketplace became intensely stretched during a finish of final week with a CCI indicator display a marketplace in impassioned overbought territory. This set-up is now commencement to palliate and while bullion stays above $1,906/oz. – final Friday’s high and Monday and Tuesday’s low prints – a opinion stays positive.

DailyFX Economic Calendar

Gold Daily Price Chart (December 2019 – Jul 31, 2020)

Gold Daily Price Chart

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading

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