Gold price analysis January 8
Updated
⭐️Fundamental Analysis
Gold prices maintained a slight increase in the European session on Wednesday, but remained below the resistance level of $2,665. Factors supporting gold include concerns about trade wars, geopolitical tensions and market risks.
However, the Fed's "hawkish" stance, which led to higher US bond yields and a stronger USD, limited the upside momentum of gold. Traders remained cautious, waiting for US employment reports and FOMC meeting minutes to be released later in the day.
⭐️Technical Analysis
Gold is still trading in a range, waiting for important US data. Today's price range is focused around 2663-2665 and 2635-2633.
The wider range is focused at 2675 and 2616. With today's news, gold is still finding it difficult to break out of the first price range to head towards the next price range. Gold may be pushed up before US session and when news comes out gold will decrease pay attention to resistance level to have SELL plans around 2658 and 2665
Gold prices maintained a slight increase in the European session on Wednesday, but remained below the resistance level of $2,665. Factors supporting gold include concerns about trade wars, geopolitical tensions and market risks.
However, the Fed's "hawkish" stance, which led to higher US bond yields and a stronger USD, limited the upside momentum of gold. Traders remained cautious, waiting for US employment reports and FOMC meeting minutes to be released later in the day.
⭐️Technical Analysis
Gold is still trading in a range, waiting for important US data. Today's price range is focused around 2663-2665 and 2635-2633.
The wider range is focused at 2675 and 2616. With today's news, gold is still finding it difficult to break out of the first price range to head towards the next price range. Gold may be pushed up before US session and when news comes out gold will decrease pay attention to resistance level to have SELL plans around 2658 and 2665
Trade active
Gold pushed up to 2656 before the news, watch the 2658 zone where the GAP starts
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