Commodities:Daily Gold review
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In the early Wednesday session in Asia, gold slipped to a low of $1657.60 a troy ounce, after being pushed higher during trading on Tuesday. The precious metal rose by 1% and reached an intraday high of $1662.20 at the NYMEX trading session yesterday.
The climb was supported by signs of increased demand coming from China before the Lunar new year.
Gold retracted some of its gains during the early trading hours today as investors could sell on fear following speculations about weak US corporate earnings. On the NYMEX session, futures gold contracts for February dropped by 0.15%, landing to $1659.65 a troy ounce in US trading.
The precious metal, however, managed to offset some of its losses as trading progressed throughout the day, and was trading at $1662.40 at the time of writing.
Looking ahead to the next few weeks, some investors expect gold prices to go up due to China’s demand, which usually livens up in the period before Christmas, continuing until the Lunar new year in February. According to analysts, China, the world’s largest gold producer, is increasing its precious metal imports, which in turn are very likely to support gold prices.
Technical analysis
XAU/USD
During yesterday’s session, gold increased in value of $1647.25 to $1661.85 a troy ounce. This morning it was trading at 1657.25 - 1659.55.
If the precious metal successfully overcomes the resistance zone of 1659.50 - 1662.15, the aim will be reaching and testing the 1666.55-1672.85 zone. If successful, the upward trend will continue to 1680.30 - 1684.75. If it falls bellow the 1658.10-1652.75 support zone, the next support zone will be at 1646.10 - 1642.45. In case of a breakdown, the downward trend will continue to 1635.45 - 1628.70.
Source: dfmarkets.co.uk
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