Gold spikes above $1750 level, the strongest since October 2012

Through the early European session, Gold sustained its significant bidding tone and last saw a trade near several years beyond the $1760 level.

​The yellow metal has expanded its positive latest shift and established a significant boost on the first day of a new trade week. The report marked the 5th day in a row for the products and was fueled by deteriorating relations between the US and China.

Alternatively, following positive remarks by the President of the Fed, Jerome Powell, about the US economy, the US dollar has failed to attract large purchases. The solid offers around the dollar-denominated commodity were backed by a restrained USD price movements.

In the meantime, the new optimistic momentum at the strongest level since October 2012 appeared to have been fairly uninfluenced by the prevailing risk-on mood, backed by lock-down limits in some places worldwide, and by a revitalizing desire for a rapid world economic recovery.

Technical Levels

 S1 1729.99
 S2 1717.77
 S3 1706.86

 R1 1753.12
 R2 1764.03
 R3 1776.25​