Analyst Matias Salord makes new gold price predictions. Gold has rebounded sharply above $1800. An overall sharp decline in the US dollar is pushing XAU/USD higher. Gold rose above $1800 after recovering more than $10. Cryptocoin. com
As , we are now looking at the details of the analyst’s estimates.
New levels for gold price
Gold has risen more than $10 since the start of the American session and recently climbed to $1805. Earlier on Wednesday, it dropped to $1789, the lowest level since last Thursday. The dollar reversed its trend and fell sharply, dropping to its lowest level since Dec. The drop came as US yields rose. The US 10-year peaked at 1.55% and 30-year 1.96%, both monthly highs so far.
According to the analyst, the rally of gold in the last hours along with the upward movement in yields is not normal since the correlation is usually the opposite. The move may reflect weak trading conditions, the reaction of somewhat resistant gold to a weaker dollar. According to the analyst, the recovery from the 20-day moving average in XAU/USD is now pointing even higher. The next resistance stands at $1815 and a daily close above will open the way to test the next critical resistance located at $1830/$1835. On the other hand, $1795 is again a support level to consider, followed by $1789 (daily low/20-day simple moving average).