Gold rose to $1,300
Gold keeps strengthening versus the greenback. The price of the precious metal is rising as disappointing US economic data increased demand for safe havens. Holdings in SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, expanded to a 2-month high. Australia’s biggest gold producer underlined that physical demand for gold is very strong.
XAU/USD is testing levels above $1,300.00 and above the 200-day MA. Daily RSI (14) shows that the asset is overbought. Resistance lies at $1,320, $1.337, $1,343 and $1,350. Support is at $1,278. The primary driver of the gold price will be the market’s sentiment. If risk aversion persists, gold will continue its ascent.
Chart. Daily XAU/USD