gold price outlook – Trade Through $1564.20 Shifts Momentum to Upside
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| gold price outlook – Trade Through $1564.20 Shifts Momentum to Upside |
gold price outlook – Trade Through $1564.20 Shifts Momentum to Upside
gold price outlook futures are edging higher on Monday on light trading volume after a missile attack in Yemen over the weekend fanned geopolitical concerns and boosted the metal’s safe-haven appeal, while buying before the Year also lent support. However, a stronger U.S. Dollar helps to cap gains. Trading volumes were low with U.S. markets closed for a legal holiday
At 11:14 GMT, February Comex gold is trading $1559.80, down $0.50 or -0.03%
In other news, speculators cut their bullish positions in COMEX gold contracts within the week to January 14, data showed
Daily Swing Chart Technical Analysis
gold price outlook The main trend is up consistent with the daily swing chart, however, momentum is trending lower. the most trend will change to down on a move through $1536.40. A move through $1613.30 will signal a resumption of the uptrend
The minor trend is down. this is often controlling the momentum. A trade through $1564.20 will change the minor trend to up. this may shift momentum back to the upside
The main range is $1453.10 to $1613.30. Its retracement zone at $1533.20 to $1514.30 is that the value area
gold price outlook The short-term range is $1613.30 to $1536.40. Its retracement zone at $1574.90 to $1583.90 is that the first upside target
The minor range is $1564.20 to $1536.40. Its 50% level or pivot at $1550.30 is support
Daily Swing Chart Technical Forecast
The direction of the February Comex gold market the remainder of the session on Monday are going to be determined by trader reaction to the minor top at $1564.20
Bearish Scenario
gold price outlook A sustained move under $1564.20 will indicate the presence of sellers. this might trigger a pullback into the minor pivot at $1550.30. If this level fails as support then search for an acceleration to the downside. If this move creates enough downside momentum then search for the selling to possibly extend into the most bottom at $1536.40, followed by the most 50% level at $1533.20
Bullish Scenario
A sustained give way $1564.20 will signal the presence of buyers. this might trigger a rally into $1574.90 to $1583.90
gold price outlook This is a key area on the chart. Sellers are likely to return in on a test of this area. they're getting to attempt to form a potentially bearish secondary lower top. Buyers are getting to attempt to remove $1583.90 in an attempt to resume the uptrend
gold price outlook futures are edging higher on Monday on light trading volume after a missile attack in Yemen over the weekend fanned geopolitical concerns and boosted the metal’s safe-haven appeal, while buying before the Year also lent support. However, a stronger U.S. Dollar helps to cap gains. Trading volumes were low with U.S. markets closed for a legal holiday
At 11:14 GMT, February Comex gold is trading $1559.80, down $0.50 or -0.03%
In other news, speculators cut their bullish positions in COMEX gold contracts within the week to January 14, data showed
Daily Swing Chart Technical Analysis
gold price outlook The main trend is up consistent with the daily swing chart, however, momentum is trending lower. the most trend will change to down on a move through $1536.40. A move through $1613.30 will signal a resumption of the uptrend
The minor trend is down. this is often controlling the momentum. A trade through $1564.20 will change the minor trend to up. this may shift momentum back to the upside
The main range is $1453.10 to $1613.30. Its retracement zone at $1533.20 to $1514.30 is that the value area
gold price outlook The short-term range is $1613.30 to $1536.40. Its retracement zone at $1574.90 to $1583.90 is that the first upside target
The minor range is $1564.20 to $1536.40. Its 50% level or pivot at $1550.30 is support
Daily Swing Chart Technical Forecast
The direction of the February Comex gold market the remainder of the session on Monday are going to be determined by trader reaction to the minor top at $1564.20
Bearish Scenario
gold price outlook A sustained move under $1564.20 will indicate the presence of sellers. this might trigger a pullback into the minor pivot at $1550.30. If this level fails as support then search for an acceleration to the downside. If this move creates enough downside momentum then search for the selling to possibly extend into the most bottom at $1536.40, followed by the most 50% level at $1533.20
Bullish Scenario
A sustained give way $1564.20 will signal the presence of buyers. this might trigger a rally into $1574.90 to $1583.90
gold price outlook This is a key area on the chart. Sellers are likely to return in on a test of this area. they're getting to attempt to form a potentially bearish secondary lower top. Buyers are getting to attempt to remove $1583.90 in an attempt to resume the uptrend
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