{"id":83832,"date":"2024-05-20T12:01:15","date_gmt":"2024-05-20T09:01:15","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=83832"},"modified":"2025-12-30T09:59:40","modified_gmt":"2025-12-30T07:59:40","slug":"gold-breaks-to-new-all-time-high","status":"publish","type":"post","link":"https:\/\/www.smartchinaeducation.com\/ms\/gold-breaks-to-new-all-time-high\/","title":{"rendered":"Gold breaks to new all-time high"},"content":{"rendered":"<p>The USD remained relatively inactive maybe with some slight bearish tendencies against its counterparts on Friday, a development that allowed gold\u2019s price to reach new record high levels. We have to note that today, headlines are focusing on the death of Iran\u2019s President and Minister of Foreign Affairs in a helicopter crash on Sunday. Should there be suspicions of foul play we may see market worries for the outcome being enhanced, thus in such a scenario support may be provided to safe haven instruments such as gold, which implies that there seems to be room for the bulls to advance higher.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"RBA&#039;s May meeting minutes due out tomorrow\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/RvW4SGFmmqk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>XAU\/USD rose during today\u2019s Asian session breaking the all-time high level of 2430 (S1) which served as a resistance line and now has been turned into a support level. We tend to maintain a bullish outlook for the precious metal\u2019s price, given also that the RSI indicator is rising and nearing the reading of 70, implying a strong bullish sentiment of the market for gold. Yet on the other hand we note that Gold\u2019s price action has broken the upper Bollinger band, which in turn may slow down the bulls or even cause the precious metal\u2019s price to correct lower. Should the bulls maintain control over gold\u2019s price, it will be in uncharted waters and we set as the next possible target for the bulls the 2500 (R1) resistance line. Should the bears take over the direction of gold\u2019s price action, we may see the shiny metal\u2019s price, breaking the 2430 (S1) support line and aiming, if not breaking the 2355 (S2) support level.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Aussie traders on the other hand are expected to keep a close eye on the release of RBA\u2019s May meeting minutes. The document is expected to be scrutinised for any clues regarding the bank\u2019s intentions and a possible hawkish tone could provide some support for the Aussie during tomorrow\u2019s Asian session.<\/p>\n\n\n\n<p>AUD\/USD rose on Friday and during today\u2019s Asian session and seems to be aiming for the 0.6735 (R1) resistance line. Based on the upward trendline that guides the pair since the 19<sup>th<\/sup> of April and the RSI indicator that remains close to the reading of 70, implying a bullish sentiment on behalf of market participants for the pair, we tend to maintain our bullish outlook for AUD\/USD. Should the bulls maintain control over the pair we may see it breaking the 0.6735 (R1) resistance line and thus paving the way for the 0.6870 (R2) resistance base. Should the bears take over, we may see AUD\/USD dropping, breaking the prementioned upward trendline in a first signal of an interruption of the upward movement, breaking the 0.6645 (S1) support line and start taking actively aim of the 0.6445 (S2) support hurdle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>In a rather easy-going Monday we get UK\u2019s Rightmove House prices for May, while on the monetary front, we note that BoE Deputy Governor Broadbent and Atlanta Fed President Bostic are scheduled to speak. During tomorrow\u2019s Asian session, we get Australia\u2019s consumer confidence for May.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-as-for-the-rest-of-the-week\"><strong>As for the rest of the week:<\/strong><\/h2>\n\n\n\n<p>On Tuesday we highlight the release of Canada\u2019s CPI rates for April. On Wednesday we get Japan\u2019s machinery orders for March and we highlight from New Zealand RBNZ\u2019s interest rate decision and UK\u2019s CPI rates for April and later in the American session we note the release of the Fed\u2019s last meeting minutes. On a busy Thursday, we note the release of the preliminary PMI figures for May of Australia, Japan, France, Germany, the Eurozone, the UK and the US and we also get the weekly US initial jobless claims figure and Eurozone\u2019s preliminary consumer confidence for May, while from Turkey CBT is to release its interest rate decision. On Friday we get New Zealand\u2019s trade data, Japan\u2019s CPI rates, UK\u2019s retail sales and the US Durable goods orders growth rates, all being for April, Canada\u2019s retail sales for March, Germany\u2019s detailed GDP rate for Q2 and the final US University of Michigan consumer sentiment for May.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-xau-usd-daily-chart\"><strong>XAU\/USD Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"452\" src=\"\/wp-content\/uploads\/2024\/05\/image-85.png\" alt=\"support at two thousand four hundred and thirty and resistance at two thousand five hundred, direction upwards \" class=\"wp-image-83833\" title=\"xau-usd-daily-chart\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Support: 2430 (S1), 2355 (S2), 2290 (S3)<\/li>\n\n\n\n<li>Resistance: 2500 (R1), 2575 (R2), 2650 (R3) <strong><\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aud-usd-daily-chart\"><strong>AUD\/USD Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"452\" src=\"\/wp-content\/uploads\/2024\/05\/image-86.png\" alt=\"support at zero point six seven three five and resistance at zero point six six four five, direction upwards \" class=\"wp-image-83834\" title=\"aud-usd-daily-chart\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Support: 0.6645 (S1), 0.6445 (S2), 0.6285 (S3)<\/li>\n\n\n\n<li>Resistance: 0.6735 (R1), 0.6870 (R2), 0.7030 (R3)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1997\" height=\"486\" src=\"\/wp-content\/uploads\/2024\/05\/image-87.png\" alt=\"\" class=\"wp-image-83835\" title=\"benchmark-20-05-2024\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"560\" src=\"\/wp-content\/uploads\/2024\/05\/image-89.png\" alt=\"\" class=\"wp-image-83837\" title=\"table-20-05-2024\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"997\" src=\"\/wp-content\/uploads\/2024\/05\/image-88.png\" alt=\"\" class=\"wp-image-83836\" title=\"morning-releases-20-05-2024\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The USD remained relatively inactive maybe with some slight bearish tendencies against its counterparts on Friday, a development that allowed<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-83832","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gold all-time high as safe haven demand rises<\/title>\n<meta name=\"description\" content=\"Gold all-time high reached as USD softens and geopolitical risks boost safe haven demand and bullish market sentiment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/ms\/wp-json\/wp\/v2\/posts\/83832\/\" \/>\n<meta property=\"og:locale\" content=\"ms_MY\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold breaks to new all-time high\" \/>\n<meta property=\"og:description\" content=\"Gold all-time high reached as USD softens and geopolitical risks boost safe haven demand and bullish market sentiment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smartchinaeducation.com\/ms\/gold-breaks-to-new-all-time-high\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-20T09:01:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-30T07:59:40+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/gold-breaks-to-new-all-time-high\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/gold-breaks-to-new-all-time-high\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"Gold breaks to new all-time high\",\"datePublished\":\"2024-05-20T09:01:15+00:00\",\"dateModified\":\"2025-12-30T07:59:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/gold-breaks-to-new-all-time-high\\\/\"},\"wordCount\":790,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"ms-MY\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/gold-breaks-to-new-all-time-high\\\/\",\"url\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/gold-breaks-to-new-all-time-high\\\/\",\"name\":\"Gold all-time high as safe haven demand rises\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/#website\"},\"datePublished\":\"2024-05-20T09:01:15+00:00\",\"dateModified\":\"2025-12-30T07:59:40+00:00\",\"description\":\"Gold all-time high reached as USD softens and geopolitical risks boost safe haven demand and bullish market sentiment.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/gold-breaks-to-new-all-time-high\\\/#breadcrumb\"},\"inLanguage\":\"ms-MY\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/gold-breaks-to-new-all-time-high\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/gold-breaks-to-new-all-time-high\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gold breaks to new all-time high\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/#website\",\"url\":\"https:\\\/\\\/www.smartchinaeducation.com\\\/ms\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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