Gold Prices put an end to their losses, which lasted for two days

  Gold prices rose during Asian trading today to coincide with the decline in the stock market again, which prompted investors to buy the yellow metal after two sessions of decline. Several factors have supported and continues to support prices since mid-January so far, including concerns about the growth of the global economy, especially China, inflation rates fell to their lowest levels, increasing expectations not to the US Federal Reserve to raise interest rates several times this year, falling oil prices. Nothing has changed so far, if these factors are still in effect, which we have recently seen Valhbot comes in the context of corrections and profit taking. As long as the price above the level of US $ 1,200 per ounce level, which constitutes a significant barrier for traders, it is unlikely that we will see a reversal in trend. Waiting for the day the US consumer confidence index for the month of February, where lies the importance of this indicator that assesses consumer sentiment about the business climate and personal income, based on a sample of thousands of American consumers. Expectations indicate the index fell from 98.1 in January to 97.3 in February. If the index was released as expectations that could put pressure on the US dollar and thus supporting the price of gold.

Gold Prices put an end to their losses, which lasted for two days

Baseline scenario: buying centers above the level of US $ 1220.20 with a primary goal of the 1233 and 1240 line as a target Tali.

Opposite scenario: below the level of US $ 1210, you can search for a growing decline in line with 1200 and 1191 as core goals.

Pivot Point: 1210 USD

Comments: RSI supports of the rising trend line.

Chart 30 minutes for the price of gold

Support 3 line

2 line support

Support 1 line

Current price

Line resistance 1

Line resistance 2

Line Resistance 3

gold prices

1191.00

1200.00

1210.00

1220.20

1233.00

1240.00

1246.00