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Horrific US Q2 GDP Fueling Gold Towards $2000 – GOLD Market Outlook – 31/07/2020

Gold just hit our 1980 long resistance target as we look for an hourly close above it to fuel further bullish momentum with 2000 level as next target. Elevated Initial Jobless Claims, a horrific US Q2 GDP contraction, and a Trump proposition to delay elections all triggered a risk off move with Eurozone GDP data, to be released today and expected to show a 40% contraction, only to add to safe haven demand.

Support: 1945 / 1920
Resistance: 1980 / 2000

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Friday, 31 Jul, 2020 / 7:51

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/horrific-us-q2-gdp-fueling-gold-towards-2000-gold-market-outlook-31-07-2020

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