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Current outlook on Gold

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold prices surged as risk appetite withered across global financial markets. That pushed bond yields down alongside stocks, boosting the appeal of non-interest-bearing alternatives including the Gold itself. Crude oil also took a beating.

If we look at the higher timeframe, we're still on course for a continuation of the uptrend despite being stuck in a consolidation for a number of weeks.

I believe a break higher sets the stage for a test above the $1500/oz figure.

Furthermore, with an interest in the global financial market, I often pay particular attention to the price of Gold along with its daily, weekly etc fluctuations. When other financial instruments are acting up, I tend to turn to Gold as a safe-haven asset, as well as this Gold retains its value over time.

Even for those who are not interested in investing in gold itself, it’s worth keeping an eye on the gold price because of its close relationship to the world economy. Gold forecasts can act as an indicator for other markets.

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