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- Gold Price Forecast: Climbs to one-week highs, eyes $2,000
Gold Price Forecast: Climbs to one-week highs, eyes $2,000
- Weaker Dollar and lower Treasury yields boosts the yellow metal.
- XAU/USD up by $40 from Monday’s low, approaches $2,000.
Gold price is up by almost 1% on Monday, after rising more than $40 from the daily low. XAU/USD bottomed on Asian hours at $1,949 and then reversed it course. Recently reached at $1,990 the highest level in a week. It remains near the high, with a positive tone as the US Dollar tumbles.
After a negative weekly opening market by the shock from the OPEC+ unexpected production cut, gold stabilize and on European hours started to move higher. It accelerated after the beginning of the American session. It is hovering around $1,990 looking at the $2,000 area.
The yellow metal gained momentum amid a slide in US yields, a weaker US Dollar and risk appetite. The US 10-year yield fell to 3.40% after the release of the US ISM Manufacturing PMI. The US Dollar Index is down by 0.45%, hovering around 102.15, after reaching levels under 102.00. In Wall Street the Dow Jones is gaining by 0.68% and the S&P 500 is flat.
The positive tone in XAU/USD could trigger more gains and a test of the $2,000 area. A daily close above would point to further gains. Another failure at current levels could trigger a bearish correction. Large price swing could continue, taking into account what’s ahead in the economic calendar. After today’s softer ISM Manufacturing PMI, attention turns to Wednesday’s ADP Private Employment and ISM Service PMI; on Friday the official employment report is due.
Technical levels
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