Aug 18 (Lagos) - It has been a wild week for Gold.
The precious metal experienced some hefty profit taking with prices plunging as low as $1863 yesterday before rebounding back above $1900. With US 10-year Treasury yield jumping the highest level since early July, this dented some of Gold’s allure.
However, the outlook for Gold remains bullish, with this current pullback potentially opening the path to fresh all-time highs as fundamentals stimulate appetite for the metal. Looking at the technical picture, a weekly close above $1900 could signal further upside in the medium term.
For those who like to look at Gold on the shorter time frame, keep a close eye on how prices react around the $1900 psychological level on the H4 charts. Weakness below this level could trigger a decline towards $1870.
Units of the NEWGOLD ETF listed on the Nigerian Stock Exchange jumped 4.47% in today's session in Lagos.
reporting for easykobo.com on Tuesday, Aug 18 2020 from Lagos, Nigeria
Source - analysts at FXTM