logo |

News

    Home   >     Industry    >     Main body

    Gold Price Futures (GC) Technical Analysis – Testing Major Retracement Zone at $1933.20 to $1972.40

    Abstract:The direction of the February Comex gold market into the close on Monday is likely to be determined by trader reaction to $1933.20.

      Gold futures soared over 2% on Monday on renewed fears of more restrictions and lockdowns tied to a surge in global coronavirus cases. The price action suggests investor confidence in the vaccines may be waning. Not in the effectiveness of the vaccine, but in the distribution of vaccinations.

      The slow pace of vaccinations, especially in the United States, may be raising fears that the global recovery may be derailed or the U.S. recovery may be pushed further into the future. Delaying the recovery would open the door to even more stimulus measures from the government or Fed.

      At 21:36 GMT, February Comex gold futures are trading $1947.30, up $52.20 or +2.75%.

      Late in the day on Monday, British Prime Minister Boris Johnson imposed a national lockdown on England to combat the new COVID variant. Johnson said Englands health system is at risk of becoming overwhelmed in 21 days without a national lockdown.

      Daily February Comex GoldDaily Swing Chart Technical Analysis

      The main trend is up according to the daily swing chart. A trade through the next swing top at $1973.30 will reaffirm the downtrend. The main trend will change to down on a move through $1820.00.

      The minor trend is also up. A move through $1859.00 will change the minor trend to down. This will also shift momentum to the downside.

      The main range is $2099.20 to $1767.20. The market is currently testing its retracement zone at $1933.20 to $1972.40. This zone is controlling the near-term direction of the market.

      Short-Term Outlook

      The direction of the February Comex gold market into the close on Monday is likely to be determined by trader reaction to $1933.20.

      Over the near-term, however, trader reaction to the 50% level at $1933.20 and the 61.8% level at $1972.40 will determine whether the market retraces the rally from $1767.20, or if buyers continue to drive prices toward last years high at $2099.20.

    Latest News

    New Zealand Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    New Zealand Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.