The market of precious metals had always been promising in terms of profitable trading, and now, it has become even more, as a bullish trend has set in at the price of gold that is rallying above $2000 in the market. The gold price has now hit an all-time high level of $2075, making it one of the most lucrative tradable assets of today.
After a few days of consolidation, the price of gold finally soared beyond $2000 against the US Dollar. It is evident from the 4-hours graphical chart of XAU/USD that the gold price shattered the obstacle at $1980 level to get traded at $2075. The price reached above the 100 and 200 simple moving average levels to trade at this incredibly profitable price.
The present technical framework indicates a positive trend, which implies that the price of gold may continue to progress to $2100 or beyond. In case of a downside correction, the price of gold may settle at the level of $2020. It seems that the price of gold is following a bullish trend line and will settle at the $2000 level. If there are any more losses, the price of gold may proceed to the level of $1980, that is the current zone of the breakout.
The US Bureau of Labor Statistics released the report of US non-farm payrolls in July 2020. The report indicates that the market is seeking an improvement in the employment sector by an increase in the number of jobs by 1600K. The actual report indicates a positive trend as the payrolls of the US non-farm, has risen to 1763K in July 2020. the report reveals the information that the number of unemployed persons has declined by 1.4 million, and the current count of unemployed people is 10.6 million.
However, despite the reduction over the past three months, the measures have still increased by 6.7 percentage points. It is hoped that the rally in gold prices and its strong uptrend at $2000 will help to curb the economic crisis.