Technical Analysis

Gold continues to shine as markets stored busy by flash crash in currencies

Typically the very best commerce is the only one

Occam’s razor. Whereas markets are retaining their eye on the yen and equities as we speak, gold continues to outperform as we start the yr with worth gaining by one other zero.four% on the day up to now. The upside transfer in gold over the previous two weeks was very a lot a quiet however anticipated one:

Worth now appears to be like to be aiming for a break of the 61.eight retracement stage @ $1,286.97. Holding a break above will see a transfer to check the resistance ranges at $1,300 after which the swing area of $1,307 to $1,309.

And up to now there is not a lot to counsel a serious breakdown within the seasonal commerce for gold both. Technical ranges proceed to help an upside transfer whereas basically, gold is regaining some attract as a haven commerce as effectively. To not point out that in opposition to the greenback, bullion is beginning to look extra engaging contemplating the waning confidence within the world economic system (which is able to influence the US economic system negatively) and likewise the Fed’s anticipated extra dovish stance this yr.

By way of draw back dangers, the 100-hour MA sits at $1,280.32 at present and till that’s threatened, the upside momentum/bias is gold nonetheless holds for my part. However with primary buying and selling rules, be cautious of shopping for close to tops like the place we are actually.

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