Gold Price Analysis, After Building Support Base, May Be Ready to Challenge $1489.10 to $1495.30

Gold Price Analysis, After Building Support Base, May Be Ready to Challenge $1489.10 to $1495.30

Gold Price Analysis, After Building Support Base, May Be Ready to Challenge $1489.10 to $1495.30

 
Gold Price Analysis, finished lower on Friday as a slew of positive U.S. economic reports drove U.S. Treasury yields higher, making the U.S. Dollar a more attractive asset, while lowering demand for dollar-denominated gold. The reports also reduced the probabilities of a near-term rate cut by the U.S. Federal Reserve System. Another surge to record highs within the stock exchange also weighed on demand for lower-yielding gold

On Friday, February Comex gold settled at $1480.90, down $3.50 or -0.24%

Low volume during this holiday-shortened week could make trading difficult by creating the illusion of breakout moves so take care of chasing the market higher or lower
Gold Price Analysis, The main trend is up consistent with the daily swing chart. A trade through $1491.60 will signal a resumption of the uptrend. A move through $1463.00 will change the most trend to down

Due to the tight trading range over the past five weeks, we’re not too curious about the minor trend

From rock bottom-up, the short-term range is $1453.10 to $1491.60. Its retracement zone at $1472.30 to $1467.80 is potential support

The next potential support may be a major Fibonacci level at $1477.30
Gold Price Analysis, From the highest down, the most range is $1525.20 to $1453.10. Its 50% level at $1489.10 is potential resistance. subsequent potential resistance may be a major Fibonacci level at $1495.30. this is often a possible trigger point for an acceleration to the upside with subsequent target zone $1512.40 to $1526.40

Daily Swing Chart Technical Forecast
Gold Price Analysis, Based on last week’s price action and Friday’s close at $1480.90, the direction of the February Comex gold derivative instrument on Monday is probably going to be determined by trader reaction to the most Fibonacci level at $1477.30

Bullish Scenario

A sustained give way $1477.30 will indicate the presence of buyers. If this move generates enough upside momentum then search for a possible rally into a 50% level at $1489.10, followed closely by minor top at $1491.60 and a 50% level at $1495.30

Bearish Scenario
Gold Price Analysis, A sustained move under $1477.30 will signal the presence of sellers. this might create a labored separate potential support level lined up at $1474.30, $1472.30 and $1467.80

Side Notes
Gold Price Analysis, Low volume could make trading difficult in the week. the main players are likely to get on the sidelines and news is predicted to be scarce. Computer algorithms may dominate the trade. take care fchasing the market