Gold retreats from fresh record highs to the $2050 area

Gold is holding onto daily gains on Thursday, despite the recent pullback from fresh all-time highs. XAU/USD climbed to $2070, reaching a new high and  |  06/08/2020 17:29
  • Gold prices up for the fifth consecutive day, firm above $2000/oz.
  • US dollar fails again to recover, DXY turns flat near two year-lows.

Gold is holding onto daily gains on Thursday, despite the recent pullback from fresh all-time highs. XAU/USD climbed to $2070, reaching a new high and then pulled back to as low as $2048. As of writing, it trades at $2060, on its way to a new record close.

The retreat in gold was limited on the back of renewed weakness around the US dollar. The DXY is back in neutral territory near 92.70, after approaching 93.00. Positive economic data from the US (jobless claims) failed to boost the dollar ahead of Friday’s NFP.

During the week, the yellow metal gained so far more than $80 and it printed fresh record highs every day. The upside trend remains intact, no matter what happens in Wall Street, neither with US data. The Dow Jones is up 0.05% while the Nasdaq gains 0.18% and the S&P is flat.

Silver also continues to run higher. On Thursday it is rising more than 5%, trading above 28.00, at the strongest level since April 2013. So far during the week rose $4, that is more than 15%.

Technical levels

 

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