Gold price Technical analysis
Gold surprised the markets last Friday as prices climbed above $1,570 an ounce level- is it because of the coronavirus – how much and how long the coronavirus will weigh on global growth
Concerns over the economic impact of the virus have put pressure
The big news was the U.S. employment report, which surprised on the upside with 225,000 new jobs created in January. The unemployment rate ticked up to 3.6% on an increased participation rate.
The behavior of stock exchanges and markets is incomprehensible
On the one hand, oil is responding to concerns and falling demand, and on the other, the indices are rising as if it is the best news in the world
Who is right?
Gold price Technical analysis
As long as gold ( XAU/USD )stay and trade above 1519-1524 the trend is bullish
Short term remain in 1474/1467/1453 /1438
Next resistance levels stay in 1530 1560 if 1560 price will break up then next targets is in 1720+_
From a closer look, it look like we are facing in the same situation that appears in the past – see the same pattern in charts that happened before
A fall in the gold price to the 1530-1540 area is still possible under the existing move
After achieving higher price targets last year in august and this January I posted:
NOTED FOR THIS: Gold price pattern if 1326 level will hold them we have a potential to see this happen – take a closer look
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| Gold price pattern |
The last thing is COT position, Gold position map:
Cot position shows the same pattern as happening in 2010 Indicate that the market’s tendency and gold prices are likely to continue to rise
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| Gold position map |
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