This post is also available in: فارسی (Persian)
By: Ahura Chalki
Gold seems under pressure!
Yellow metal kept falling for the second day in a row, ignoring the geopolitical risks and red candles of stock markets, as USD shows stronger after upbeat American economic data. In last days, geopolitical risk eased as tensions between Iran and the US are not on the news anymore, but tensions in Libya still alive, while the Chinese Virus remembers the investors the memory of 2002 -3, effected the stock markets, or Safe havens are changing. On the other side, USD seems stronger and with all pressures of last days, could not give up the 97-level and started raising more. For now, all news and tensions, seem to get used for investors and markets, to ignore them more, looking more at economic data. For today home sale data from the US will be in the spotlight for the USD rate, as well as its effect on the Gold. Also, we have to follow the news from Davos and any possible breaking news from there.
Gold technical analysis:
In the H4 chart, the price went under the OVB trend line, signaling the changing of the trend. Next levels to watch in down-trend are $1548 and $1542 (21 D-MA), breaching these levels, can bring the $1534 into the spotlight. On the flip side, breathing the $1557 and confirming the movement with $1562 and $1564, can change the trend to bullish.
Pivot point: 1557.63
Resistance levels: 1569.10 / 1580.04
Support levels: 1546.68 / 1535.22
Today, the expected trading range is between 1535.22 support and 1569.10 resistance.
Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.