FXstreet.com (Barcelona) - The gold has reached all time high today's session to trade at $1,111/oz in the last hour after trading in consolidation mode after the last bullish movement which takes the metal from $1,085 last Friday to to trade above $1,100 in the Asian session.
During the European morning, the has been trading in a narrow range between 1,100 and 1,110 level. Currently the XAU/USD is 1.30% above today's opening price action at 1,097.55. XAU/USD is extending its advance from Oct 28 low at 1,026.
Gold is advancing, as well as commodities and Stocks, on the back of G20 will hold measures to boost economic growth. G 20 thinks that it's too early to withdraw stimulus.
Commodities are pushing pressure on the Dollar and the Greenback is bearish today's session against its major rivals
Mitul Kotecha, analyst at Econometer.org, comments: Despite all of the events last week markets have been uninspired. Even the G20 meeting delivered little to be excited about with no further developments on how to rebalance the global economy and the USD's role in the process. The lack of attention on the USD will leave it with little directional influence this week, with equity markets likely to the main driver once again.
Technically speaking, the Oil N' Gold team affirms: Gold's rally extends further and made another record high of 1109.9. At this point, short term outlook will remain bullish as long as 1084 support holds. Further rise should be seen to next fibonacci target of 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2. On the downside, though, below 1084 indicate that a short term top is possibly in place and bring pull back to 4 hours 55 EMA (now at 1075.9) or below.