GOLD MARKET FORECASTS FEBRUARY 2017

[forextips]

The gold market is known as one of the most effective safe harbors of the global forex market under today’s globalizing world conditions. After starting at 1210 USD/ounce at the starting of the week, the buying wind that it took over on Friday raised the price band to between 1215 USD and 1220 USD. Gold, which rose to 1220.06 USD/ounce on Tuesday during the first trading hours, was withdrawn in series by exposure to profit sales from this level. At the last days of January, Gold prices are on the decline, with the S&P 500 Index taking a new record yesterday and the US 10-year bond yield taking off strongly. At this point, the current decline in gold prices may be expected to continue towards 1200 USD level.

When we look at the technical side of the Gold market for the first days of February, we may observe a bit recovery trend. If the 1210 USD level exceeds in the first days of February, then we can see the 1220 USD level with the second week of the month.

Resistance levels: 1205.5 / 1210.5 / 1219.0
Support levels: 1197.5 / 1195.0 / 1190.0