- Gold flies above resistance near earlier all-time highs
- 2075 dollars is the new high for the metal, and the prices are currently ticking lower
- Positive US job numbers, up 1,763K in July 2020
- The US Unemployment rate fell to 10.2 Percent in July
Gold prices successfully scaled past the 2000 dollars milestone, after trading sideways for a few days. The price is now inching lower after touching an all-time high of 2,075 dollars.
The four-hour chart of Gold against the US dollar – XAU/USD, showed that the price moved above the psychologically important 2,000 dollar mark after breaking the resistance at 1,980 dollars.
The price traded close to 2,075 dollars after the up-move, well above both 100-periods simple-moving-average and 200 moving-averages in XAU/USD four-hour chart.
The current technical picture indicates that Gold will continue its bullishness to reach 2100 dollars and to find support near 2020 dollars levels on the downside.
A connecting bullish trendline in the four-hour chat along with the 2000 dollars level is forming significant support for the Gold. Further weakness can take it to the base of the current breakout at 1980 levels.
On the economic front, July nonfarm payrolls, on Friday, showed an increase of 1,763K – better than expectations of 1,600K. The earlier reading saw a revision down to 4,791K from 4,800K published. The US unemployment in July fell to 10.2 Percent from 11.1 Percent in the previous month.