Gold Rallies to All-Time Highs Above $2,000 Ahead of Non-Farm Payrolls

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The gold price (XAUUSD) on Thursday extended the current run of gains to a new all-time high of about $2,066 ahead of the US non-farm payrolls. The price of the yellow metal continues to trade within an ascending channel in the 60-mins chart amid bullish pressure. 

The gold price has now surged towards overbought levels of the 14-hour RSI. This could trigger a short-term pullback off the trendline resistance. 

Gold Price Fundamentals Overview

From a fundamental perspective, the price of the yellow metal is gaining ground at a time when the global financial markets are undergoing a potential crash. This comes amid the COVID-19 pandemic, which has affected among others, the US market. Investors are now shifting their investments to safe-haven assets like gold. Based on the latest round of economic data, the outcome was relatively mixed.

Earlier in the week, the ISM Manufacturing PMI beat 53.6 with 54.2. The Manufacturing Prices Paid and New Orders Index also surprised with 53.2 and 61.5, respectively against 52 and 46.8. On the other hand, the ISM manufacturing employment index for July missed 48.3 with 44.3 while the Markit Manufacturing came short of 52 with 50.9.

On Wednesday, the ISM Services PMI outperformed 55 with 58.1. Services New orders also beat expectations but employment index and prices paid came short of expectations. On Thursday, the US initial and continuing jobless claims beat expectations.

Gold Price Technical Analysis (the 60-min Chart)

Technically, the XAU/USD appears to be trading within a gently rising channel in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment. Gold now has its targets on the $2,100 mark.

The bulls will be targeting short-term profits at around $2,079 or higher at $2,100. On the other hand, the bears will look to pounce on short-term pullback profits at around $2,050 or lower at $2,029.

Gold Price Technical Analysis (the Daily Chart)

In the daily chart, the price of gold appears to have recently spiked sharply to surge to new historical highs. The yellow metal is now pegged at $2,066. It is well into overbought levels of the 14-day RSI. 

The bulls will be looking to extend the current gains towards $2,133 or higher to $2,205. On the other hand, the bears will target long-term pullback profits at around $1,998 or lower at $1,906.

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