Gold Price Analysis Trend Up, but Buyers Looking for Value

Gold Price Analysis Trend Up, but Buyers Looking for Value

 
Gold Price Analysis are trading lower early Monday after a volatile trade last week. Like petroleum traders, gold traders also are licking their wounds after a wicked reversal on January 8. With losses in both directions and option premiums skewed thanks to the excessive volatility, it's going to take a couple of days for the impact of the heightened volatility to dissipate

At 03:41, February Comex gold is trading $1557.50, down $2.60 or -0.17%

The price action since Christmas week has been impressive. However, despite several huge volume days, open interest hardly moved
Gold Price Analysis What’s most interesting about the whole rally in gold is that the move paid off for those buying before the renewed tensions between the us and Iran. those that bought when Iran fired their missiles are losing money

Daily Swing Chart Technical Analysis

The main trend is up consistent with the daily swing chart, however, momentum has been trending lower since the formation of the price reversal top on January 8 and therefore the subsequent confirmation of the chart pattern subsequent day
Gold Price Analysis A trade through $1613.30 will signal a resumption of the uptrend. The trend will change to down on a move through $1463.00

The minor trend is down. It turned down when $1557.00 failed as support. This move confirmed the shift in momentum. removing $1541.00 will reaffirm the minor trend

The short-term range is $1613.30 to $1541.00. Its retracement zone at $1577.20 to $1585.70 is that the next upside target

The main range is $1453.10 to $1613.30. Its retracement zone at $1533.20 to $1514.30 is that the next downside target

Daily Swing Chart Technical Forecast

Technical Forecast

Gold Price Analysis traders have two choices: Chase a rally back to $1577.20 to  1585.70 or play for an opportunity into $1533.20 to $1514.30

A rally back to $1577.20 to $1585.70 could also be necessary to usher in subsequent wave of sellers. On the primary break, the longs exited. The rally back to the retracement zone will give traders an opportunity to urge short. However, there's always the likelihood that buyers overtake this area and retest $1613.30

Gold Price Analysis A break into $1533.20 to $1514.30 will give bullish traders an opportunity to shop for at reasonable prices. The logic behind new buyers entering on a test of this zone is as follows. If you didn’t patronize $1453.10 and you didn’t want to shop for the spike into $1613.00, then a pullback into the five hundred to 61.8% zone will offer subsequent opportunity to urge long if you so desire