Gold Analysis: Gold investors should be concerned
The gold market is again concerned about renewed coronavirus fears. This week we also have the US job market reports. So overall, gold traders will pass a busy week.
But we should be concerned about the new coronavirus variant omicron. As a safe-haven asset, gold will have the most impact on any uncertainties.
So, as long as gold is above the $1775 price zone, we shouldn't sell. Breaking below the $1775 price zone, our next target to the downside is the $1765-$1760 price zone. Breaking below $1760 next target is $1725/$1720 price zone. The final target to the downside is the $1678 price zone.
If we can gold price at December nearly $1720/1680 price zone, we can go for a long term buy till February nearly $1850/$1900 price zone. However, in the Daily chart, the gold price closes below the moving average ribbon. So, it is expected a bit of downside pressure technically. But we should always be concerned about the coronavirus updates news and next week's NFP reports.
On the other hand, immediate resistance is identified at the $1815 price zone from the present rates. Breaking above $1815 will open the door $1835 price zone. And to the final upside target is the $1855 price zone.
But we should be concerned about the new coronavirus variant omicron. As a safe-haven asset, gold will have the most impact on any uncertainties.
So, as long as gold is above the $1775 price zone, we shouldn't sell. Breaking below the $1775 price zone, our next target to the downside is the $1765-$1760 price zone. Breaking below $1760 next target is $1725/$1720 price zone. The final target to the downside is the $1678 price zone.
If we can gold price at December nearly $1720/1680 price zone, we can go for a long term buy till February nearly $1850/$1900 price zone. However, in the Daily chart, the gold price closes below the moving average ribbon. So, it is expected a bit of downside pressure technically. But we should always be concerned about the coronavirus updates news and next week's NFP reports.
On the other hand, immediate resistance is identified at the $1815 price zone from the present rates. Breaking above $1815 will open the door $1835 price zone. And to the final upside target is the $1855 price zone.
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