Gold soars to fresh highs since August 2020

It is a roaring day for commodities and amid the more dour risk mood, gold is starting to catch a bid once again.

Price is now trading back up above $2,000 to its highest since August 2020. It’s tough to fight the momentum in the commodities space right now and amid the backdrop of souring equities and doubts about central bank tightening, gold is finding a bit of a sweet spot to shine in the past few weeks.

From a technical perspective, there is little in the way of a push towards $2,050 and then the August 2020 highs around $2,070-75.

But for the day itself, a close above the $2,000 mark would be the first important step for buyers.