Congratulations! Gold has just opened a new era... or, rather, reopened...
The price for gold has tested the levels above $1,500
The yellow metal reached the highest levels in 6 years amid the global risk aversion. The price has seen steady gains towards the $1,515 level. Now, bears are trying to pull gold down to the $1,473 level. The next support will lie at $1,455.
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.