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By: Ahura Chalki
What we have to see for the Gold trend in the current week?
The week ahead gold price will be affected by banks’ monetary policies in Canada, Japan, China, and ECB, while USD is getting stronger on US strong economy and FED has no plan to cut the rate for now, as we could realize that in Fed member’s speeches. On the other hand, two main events of the week, Davos World Economic Forum and IMF to update global economic forecasts, closely will be followed by investors and traders. And at the end of the day, Geopolitical events and tensions will be the key. With rising the tensions between Iran and this time with EU countries, the risk appetite of the market also is growing!
Gold technical analysis:
Closing above $1557, could be a clearer sign for more bulls, but it was not under $1556, as well. What we can see is that technical indicators, in both H4 and Daily charts, supporting the bulls. Parabolic SAR in both charts, forms is dost under the candles while RSI also is above 60 and EMA crossing strategy also is supporting the bulls. In an upside break, after $1562, $1600 area can be available and in the downside, breaching the $1548, and confirming with $1542, can bring the $1536 and lower in the spotlight.
Pivot point: 1556.96
Resistance levels: 1562.60 / 1567.80
Support levels: 1550.76 / 1544.12
Today, the expected trading range is between 1550.76 support and 1567.80 resistance.
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