Gold prices are still within the 1.5-month highs and are held above $1,500.
The price went up sharply before the Christmas holidays. The price growth was not associated with any fundamental factors. The main reason for this sharp increase is the low volume of pre-holiday trading, due to which the bulls were able to raise the price above the $ 1,500 mark.
There are no important geopolitical and economic news on the market today, so markets should be generally calm. Nonetheless, the trading volume remains low, so sharp price movements in one direction or another are still possible.
Regarding the chart, the price approached a very strong resistance level of 1515.00. Even in a low-liquidity market, bulls will most likely not be able to break this mark. Therefore, today we are mainly considering a scenario with the development of corrective movement towards the region of 1504.00.
Resistance Levels: 1515.00, 1530.00, 1555.00;
Support Levels: 1504.00, 1490.00, 1475.00.
The main scenario - a decline towards 1504.00.
An alternative scenario - a consolidation above 1515.00 and medium-term growth towards the level of 1530.00.
The fundamental outlook is neutral. The price has reached a strong resistance level of 1515.00. Within the daily framework, we give priority to shorts.
Dear traders and partners, FortFS is happy to congratulate all Traders on the Year of the Metal Rat and to launch the annual Chinese New Year promotion! From February 03 to March 03 you will be able to receive a cashback of 10% for every deposit from 100 USD. Deposit minimum 100 USD or more, […]
Dear Traders, Make sure to receive $100 on your trading accounts only from the 27th to the 31st of January! Welcome Bonus 100 USD is the best way to start trading and test all of the Company’s products! The bonus features: Withdrawal of up to 100 USD 75 lots of trading turnover A two-week testing […]