GOLD: Buy or Sell ?
Updated
Dear friends, Ben here!
Gold begins the new week with a slight decline, retreating from the one-month high reached on Friday. Hawkish expectations from the Fed, rising U.S. Treasury yields, and a stronger USD are weighing on the precious metal in the short term. On the other hand, risk-off sentiment might provide support for the safe-haven pair XAU/USD and help limit further losses. :)
From a technical perspective, gold confirmed a bullish breakout from a month-long symmetrical triangle pattern on January 8, further reinforcing the ongoing bullish momentum. It is likely that the struggle will continue, and the price may retest the previously broken boundary or the liquidity zone at 2675–2665, which will determine the next phase of developments.
Resistance level: 2698
Support levels: 2685, 2665
The situation remains volatile, as numerous factors are exerting pressure on the price.
Accordingly: If, after the retest, buyers manage to hold the price above the 2680–2685 support zone, the upward momentum could continue in the medium term.
However, if the bullish support structure breaks and sellers push the price below 2680, this could trigger a correction down to 2665 or 2650 before the uptrend resumes.
Gold begins the new week with a slight decline, retreating from the one-month high reached on Friday. Hawkish expectations from the Fed, rising U.S. Treasury yields, and a stronger USD are weighing on the precious metal in the short term. On the other hand, risk-off sentiment might provide support for the safe-haven pair XAU/USD and help limit further losses. :)
From a technical perspective, gold confirmed a bullish breakout from a month-long symmetrical triangle pattern on January 8, further reinforcing the ongoing bullish momentum. It is likely that the struggle will continue, and the price may retest the previously broken boundary or the liquidity zone at 2675–2665, which will determine the next phase of developments.
Resistance level: 2698
Support levels: 2685, 2665
The situation remains volatile, as numerous factors are exerting pressure on the price.
Accordingly: If, after the retest, buyers manage to hold the price above the 2680–2685 support zone, the upward momentum could continue in the medium term.
However, if the bullish support structure breaks and sellers push the price below 2680, this could trigger a correction down to 2665 or 2650 before the uptrend resumes.
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