Happy Sunday Traders!
Fundamental News: Initial fears of the Omicron variant on Friday the 26th boosted the value of the yellow metal due to its inverse relationship with treasury yields, with the 10-year yield dropping around 23 basis points from Monday to Wednesday. Likewise, the US dollar traded lower over the same period which further elevated gold prices due to the metal being priced in dollars. As the week progressed early anecdotal evidence regarding the mild nature of symptoms generally observed in patients reached the newswires, somewhat putting markets at ease. Thereafter, gold moved lower which could be telling about how markets perceive the yellow metal and the future path of interest rate hikes which is ultimate to gold's detriment.
Technical Analysis: Gold is currently in an Uptrend heading towards the 4HR Resistance Zone (1790.690 - 1800.120). This level has been tested multiple times in the past making it a great area to look for counter-trend. I'll be looking for counter-trend opportunities on lower timeframes.
4HR Resistance Zone (1790.690 - 1800.120)
1HR Support Zone (1766.350 - 1770.200)
Fundamental News: Initial fears of the Omicron variant on Friday the 26th boosted the value of the yellow metal due to its inverse relationship with treasury yields, with the 10-year yield dropping around 23 basis points from Monday to Wednesday. Likewise, the US dollar traded lower over the same period which further elevated gold prices due to the metal being priced in dollars. As the week progressed early anecdotal evidence regarding the mild nature of symptoms generally observed in patients reached the newswires, somewhat putting markets at ease. Thereafter, gold moved lower which could be telling about how markets perceive the yellow metal and the future path of interest rate hikes which is ultimate to gold's detriment.
Technical Analysis: Gold is currently in an Uptrend heading towards the 4HR Resistance Zone (1790.690 - 1800.120). This level has been tested multiple times in the past making it a great area to look for counter-trend. I'll be looking for counter-trend opportunities on lower timeframes.
4HR Resistance Zone (1790.690 - 1800.120)
1HR Support Zone (1766.350 - 1770.200)
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