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20 Jul 2020

Gold Price Analysis: Jumps to multi-year tops, around $1818 region

  • The emergence of some fresh USD selling helped gold to regain positive traction on Monday.
  • A fresh leg down in the US bond yields provided an additional boost to the non-yielding metal.
  • The intraday positive move seemed unaffected by a modest bounce in the equity markets.

Gold broke out of its daily consolidative trading range and retested multi-year tops, around the $1818 region during the mid-European session.

The ever-increasing number of coronavirus cases in the US dampened prospects for a swift economic recovery and continued underpinning demand for the safe-haven precious metal. This coupled with the emergence of some fresh selling around the US dollar provided an additional boost to the dollar-denominated commodity.

The greenback was also pressured by a fresh leg down in the US Treasury bond yields. Adding to this, expectations for additional stimulus measures from the Eurozone and the US provided an additional boost to the non-yielding yellow metal.

Meanwhile, the intraday positive move seemed rather unaffected by a modest rebound in the global equity markets. Meanwhile, the latest leg of a sudden move up over the past hour or so took along intraday trading stops near the $1810-12 region. Hence, a move beyond multi-year tops, around the $1818 region, now looks a distinct possibility.

In the absence of any major market-moving economic releases, the USD price dynamics might continue to play a key role in influencing the commodity. This coupled with the broader market risk sentiment will be looked upon for some meaningful trading opportunities.

Technical levels to watch

 

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