Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

Gold breaks last week’s highs and threatens $1800

A.R Chowdhury by A.R Chowdhury
August 24, 2021
Reading Time: 2 mins read
0

Gold continues to shine

Gold continues to shine

Gold has now nearly recovered from the two-day rout earlier this month. It’s up $18 today to $1799 with most of the gains coming in the past few minutes.

The market is increasingly confident that Powell won’t tip a taper at Jackson Hole on Friday, especially with the event going virtual due to a sharp rise in US covid cases.

The rally in gold is also part of a broader retracement lower in the US dollar and a bounce in commodities as the market begins to see a peak in this wave of covid. The larger question though is about the next variant and long-term drag from the virus.

For now though, the easy money will keep on flowing with some of it flowing into gold. Bitcoin is also having itself a wonderful run, up 3.3% today to $50,282.

Technically, gold has now cleared all the major hurdles before completing the full retracement to $1815. If it can get above $1830, the bulls would have some room to run.

As I wrote two weeks ago: there’s no one left to sell gold and everyone already hates it. That’s usually a sign that the bears are exhausted.

Invest in yourself. See our forex education hub.

Source link

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post

Dollar steady with major currencies muted ahead of European trading

EURUSD trades mostly between its 100/200 hour moving averages

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

GBPUSD trades to the highest level since August 6th

GBPUSD trades to the highest level since August 6th

September 15, 2021
WTI crude oil futures settle at $69.30

WTI crude oil futures settle at $69.30

September 8, 2021

EUR/USD continues to keep above 1.1200 for now but the pressure is building

June 19, 2020

Popular Stories

  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • What is CFD trading?

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.