GOLD Analysis - Gold Finally Breaks the Wall $ 1,800! - Kakiforex.com - Financial Market Media No. 1 in the World GOLD Analysis - Gold Finally Breaks the Wall $ 1,800! GOLD Analysis - Gold Finally Breaks the Wall $ 1,800!

May 7, 2021

GOLD Analysis - Gold Finally Breaks the Wall $ 1,800!

 Increasing the excitement of investors when the price of gold finally managed to jump past the target level of $ 1,800 yesterday after several weeks of the price failed to break it.


On the XAU/USD price chart which measures the value of gold against the US dollar can be seen an energetic price jump in the New York session yesterday.


The situation is still driven by the depreciation factor of the US dollar in the market with US treasury yields moving down near a 2 -week low.


Investors are also wary of US dollar trading ahead of the US NFP jobs report for April to be published early in tonight’s New York session.


The price on the XAU/USD chart surged past the 1800.00 level reaching the 1818.00 high before moving horizontally closing the New York session trading.


With that, the price of gold recorded a daily increase of around 350 pips while recording the latest 11 -week high.



Continuing trading on Friday, the price slightly increased in the Asian session to the 1820.00 zone which was the SBR (support become resistance) zone before.


Next, a higher rise will be expected by analysts to the high of 1850.00. That level became a resistance for the price in last February's trading.


If the price makes a decline again, the latest support level will be at the level of 1800.00 and form the latest RBS zone (resistance become support).


The US NFP jobs report tonight is expected to also have a big impact on gold price movements.