Forex Marketz Daily Forex News – Fully Markets Update
Looking at the spot gold futures contract and above monthly chart, the price of the premier anti-risk and safe haven yellow metal has gas left in the tank. Under current financial market conditions, the spot contract could hit the all-time high price point at $1,900.94 per ounce. We are within in a few pips of that price point now.
Gold is finding support with the levels of monetary accommodative easing policies in place from global central banks. These global central banks are employing near zero or negative interest rate policies with massive bond buying programs to support economic growth as countries try to recover from the recent Covid-19 lockdown.
The economic calendar has some high impact events on the schedule as the week kicks off. The United States is releasing monthly core and headline durable goods orders. Also on the U.S. macroeconomic calendar, the Dallas Fed will publish their monthly manufacturing index.
The European Union will also release key data. The Eurozone will publish their monthly IFO consumer and business sentiment gauges. The private IFO firm is also releasing their monthly sentiment expectation gauge.
The United Kingdom has no events scheduled for release on their economic calendar.
Daily Spot Gold Technical Analysis
Looking at the spot gold price action chart, seen above, there is more in play than price levels. As mentioned above, price action is very close to the record high price level of $1,920.94 per ounce. If price action continues to inch higher, this target will be achieved.
On the downside, traders should note the first layer of technical support in play at $1,800 per ounce. If this first layer of support gives way, the next downside barrier would then line up at $1,525 per ounce. Right now, traders are simply waiting to see if an all new high price point will be set in the spot contract.
