Gold sees early upside this week checked back for now
If you go by the weekly chart, there is still no firm technical breakout for gold just yet. And that is keeping a lid on gains as buyers are starting to get a little angsty about chasing a further jump higher in gold.The retreat yesterday met a low of $2,055, and was defended by its 200-hour moving average. That technical point is now seen at $2,058.59 with price action sitting in between that and the 100-hour moving average of $2,070.25. As such, the near-term bias for gold is now more neutral as traders get settled into the new week.If buyers want to chase a break higher, they need to break above $2,070 and more importantly work towards securing a weekly close above the 2020 highs at $2,075. It's not a big leap from where we are now but it still could be a tough one, even with a more favourable seasonal tailwind as highlighted before.Gold tees up the new year by continuing its December hot streakGold set for yet another January rush? This article was written by Justin Low at www.forexlive.com.
If you go by the weekly chart, there is still no firm technical breakout for gold just yet. And that is keeping a lid on gains as buyers are starting to get a little angsty about chasing a further jump higher in gold.
The retreat yesterday met a low of $2,055, and was defended by its 200-hour moving average. That technical point is now seen at $2,058.59 with price action sitting in between that and the 100-hour moving average of $2,070.25. As such, the near-term bias for gold is now more neutral as traders get settled into the new week.
If buyers want to chase a break higher, they need to break above $2,070 and more importantly work towards securing a weekly close above the 2020 highs at $2,075. It's not a big leap from where we are now but it still could be a tough one, even with a more favourable seasonal tailwind as highlighted before.
This article was written by Justin Low at www.forexlive.com.
