Congratulations! Gold has just opened a new era... or, rather, reopened...
Gold is rising
The yellow metal could not stay for a long time near the $1,401 level. On H4, it is trying to stick above the 50-period SMA. The first resistance will lie at $1,415. After that, pay attention to the $1,424 level. If the bullish pressure is short-lived, gold will retest the $1,401 level. In the case of the breakout, pay attention to the $1,391 level.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.