Which news let gold make historic high?
Gold has just created new record high of $2,037 mark. Important to note here that yesterday U.S. released factory orders data with positive numbers against expected one but lower than previous release. U.S. factory orders came at 6.2 pct vs 7.7 pct previous release (expected 5.1).
In addition, U.S. released robust IBD Consumer Confidence data at 46.8 vs 44.0 previous release (expected 45.3). It is a survey of about 900 consumers which asks respondents to rate the relative level of economic conditions including six-month economic outlook, personal financial outlook, and confidence in federal economic policies. Despite all positive U.S. data, U.S. dollar depreciates against major currency peers.
Wall Street edged marginally higher, while the U.S. Treasuries suffered, The U.S. real yield on U.S. treasuries hits record low -1.02% from 0.08% in Jan; hopes still remain as investors await U.S. stimulus deal. Gold and U.S. real yields are inversely related and this makes yellow metal to cross $2000 level.
In addition, Nancy Patricia Pelosi is an American politician serving as Speaker of the United States House of Representatives since 2019 gave comment that she doesn’t think there will be a stimulus deal this week.
Above all the breaking news is China and U.S. is going to assess Trade Deal on August 15.
XAU/USD (GOLD): Gold creates record high at $2,037 mark in European hours. Today pair made intraday high at $2,037 and low at $2,009 mark. A sustained close above $2,019 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,990, $1,976, $1,962, $1,947, $1,942, $1,931, $1,912, $1,907, $1,881 and $1,862 mark respectively. Key resistances are seen at $2,031, $2,054, $2,062, $2,071 and $2,082 mark respectively.
Take a look and do trade wisely!