|Day's Range||1,327.7 - 1,334.2|
|52 Week Range||1,327.700317 - 1,334.199707|
Based on the close at $1330.30 and last week’s price action, the direction of the gold market this week is likely to be determined by trader reaction to a pair of Gann angles at $1330.50 and $1330.70.
Gold markets fell during most of the week, but as you can see I have a larger ascending triangle drawn out on this chart. For myself, I am bullish of this market, and I think that the $1400 level above is a massive barrier.
Gold markets pulled back a bit during the trading session on Friday, as the $1350 level has offered resistance yet again. I believe that this market is trying to build up the necessary momentum, and eventually extend well to the upside.
April Comex Gold futures settled slightly lower on Friday and for the week as investors continued to react to the uncertainty over the number of Fed rate hikes in 2018 and a firmer U.S. Dollar. At 2135 GMT, April Comex Gold futures are trading $1330.90, down $1.90 or -0.14%. Gold is currently in a position to post its biggest weekly decline in 2 ½ months on the back of higher U.S. Treasury yields.
Investing.com – Gold prices were on track to post a weekly loss Friday amid dollar strength despite the Federal Reserve expressing its desire to continue its gradual approach to rate hikes.
Gold prices held support levels, despite softer than expected data released out of the Eurozone this week. Eurozone inflation was confirmed at lower levels and Germany provided details of its Q4 expansion which showed that private consumption and capital investment were unchanged. Gold prices where nearly unchanged on Friday holding support near an upward sloping trend line that comes in near 1,325. Resistance on the yellow metal are seen near the 10-day moving average at 1,337. Momentum on the yellow metal is negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal.
Investing.com - Gold prices were hovering near one and-a-half-week lows on Friday, as expectations for multiple U.S. rate hikes this year continued to lend broad support to the greenback.
Traders are hoping today’s Fed speakers will provide some insight into the number of rate hikes to expect from the central bank this year.
Investing.com – Gold prices remained flat despite the dollar and bond yields coming under pressure as traders remained cautious on outlook for the yellow metal amid expectation the Fed will raise rates next month.
Based on the current price action, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the intermediate Fib level at $1330.20.
Investing.com - Gold prices remained at one-and-a-half week lows on Thursday, as the release of upbeat U.S. jobless claims data was expected to add further strength to the dollar after the minutes of the Federal Reserve's latest policy minutes pointed to the need for further interest rate hikes.
Investing.com - Gold prices fell to one-and-a-half week lows on Thursday, after the minutes of the Federal Reserve's latest policy minutes pointed to the need for further interest rate hikes, sending the U.S. dollar higher.
The daily chart suggests that momentum is building to the downside with the February 8 bottom at $1309.00 a reasonable target.
The U.S Dollar grew stronger in forex as the Federal Reserve’s Meeting Minutes publication was digested by investors late on Wednesday.
Investing.com - Gold prices were trading lower on Thursday, weighed down from fresh gains in the dollar as it traded near a one-week high against a basket of major currencies.
Gold prices moved lower but bounced at session lows as weaker than expected housing data was offset by hawkish fed minutes. The yellow metal bounced at trend line support near 1,321, and could test target resistance near the 10-day moving average at 1,335. Momentum has turned negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The median sales price fell to $240,500 from $246,500, but the price is up 5.8% year over year.
Gold markets went back and forth during the trading session on Wednesday, bouncing around the $1325 level. By settling on essentially not moving, the market looks like we are trying to build up a bit of confidence, something that might have been shattered over the last 3 sessions.
Investing.com – Gold prices remained steady after the dollar eased from highs as traders awaited the release of the Federal Reserve’s January meeting minutes for clues on future monetary policy action.
Based on the current price at $1331.40 (1800 GMT) and the earlier price action, the direction of the gold market the rest of the session is likely to be determined by trader reaction to $1330.20.
Investing.com - Gold prices remained under pressure on Wednesday, hovering at one-week lows as the U.S. dollar continued to be supported ahead of the minutes of the Federal Reserve's latest policy meeting, due to be released later in the day.
Investing.com – U.S. Futures pointed to a lower opening bell on Wednesday, as traders wait for the Federal Reserve meeting minutes and potential signs of increased interest rates.The S&P 500 futures fell over four points or 0.18% to 2,709.25 as of 6:40 AM ET (11:40 GMT) while Dow futures decreased 56 points or 0.22% to 24,892.0. Meanwhile tech heavy Nasdaq 100 futures was down over three and a half points or 0.06% to 6,786.75.The Federal Reserve is expected to release the minutes of its most recent policy meeting at 2:00 PM ET (19:00 GMT). ...