Today's market analysis

SOOLIKE | 2024-08-20 09:19

Abstract：Gold (XAU/USD) trades back below $2,500 on Monday as it corrects the gains made after it broke above resistance to a new all-time high on Friday.

Gold (XAU/USD) trades back below $2,500 on Monday as it corrects the gains made after it broke above resistance to a new all-time high on Friday.

The precious metal saw gains because of lingering doubts about the resilience of the US economy, simmering geopolitical tensions – particularly in the Middle East – and a weaker US Dollar, in which Gold is mostly priced.

Gold opened at around 2503 and rose to around 2505 at the highest and around 2501 at the lowest before press time.Pay attention to the resistance of 2520-2530-2540. If it fails to break through, it will test 2490-2480-2470

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