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https://www.gate.io/tr/nft/collection/12053/SticksNftGold advances despite rising US yields as bears take a breather
Gold price was spotted trading at $2,030 on Tuesday's session, reflecting a 0.43% gain, as the bears are taking a breather after last week's notable 2% loss. The daily chart presents a neutral-to-bearish sentiment while, the four-hour indicators are slightly tilted to the upside.
>Technical Overview
XAU/USD trades range bound, lacking clear directional strength, although the latest test of the $2,000 area showed buyers are willing to defend the level. The daily chart shows the pair retreated sharply after nearing a bearish 20 Simple Moving Average (SMA) at around $2,040.30. The longer moving averages remain below the current level, lacking directional strength. Finally, technical indicators ticked higher but remain within negative levels without enough strength to suggest a firmer recovery.
In the near term, and according to the 4-hour chart, the risk skews to the downside. XAU/USD struggles around a mildly bullish 20 SMA while the longer ones gain downward traction above it. Finally, technical indicators are crossing their midlines into negative territory, but still not enough to confirm another leg south.
-Support levels: 2,016.40 2,001.60 1,988.60
-Resistance levels: 2,033.10 2,040.30 2,052.70
>Fundamental Overview
Gold keeps trading in a well-limited range on Tuesday, with XAU/USD changing hands just above $2,020 a troy ounce. The bright metal surged throughout the first half of the day as market players dropped the US Dollar following fresh record highs on Monday in the S&P 500 and the Dow Jones Industrial Average. Wall Street rallied on hopes the Federal Reserve (Fed) will soon start trimming interest rates after pushing them to multi-decade highs in the pandemic aftermath. Furthermore, signs that the United States (US) economy could dodge a recession provide impetus to high-yielding equities.
The USD gathered momentum ahead of the American opening, as equities could not maintain their positive tone. US indexes trade with modest losses as speculative interest paused ahead of earnings reports. The season has kick-started with optimism, as so far, companies have reported above-expected profits. Still, upcoming releases alongside macroeconomic events scheduled for the second half of the week triggered the ongoing pause.
Data-wise, US figures fell short of market expectations. The Richmond Fed Manufacturing Index printed at -15 in January, much worse than the -7 expected or the previous -11. Attention on Wednesday will be on the Bank of Canada (BoC), which will announce its decision on monetary policy ahead of the US opening.
*Source: fxstreet BTC Technical Update:
BTC is in uncertainty zone but will dump as I predicted in my recent last post. Read full post before taking any action.
Note: This is my personal analysis. #DYOR# before taking any decision. #MU_Traders# will not responsible either you face lose or profit. Take care of your hard earned money.
In my recent previous $BTC update post I tell BTC will pump if 1D candle close above $40,800 area and dump if it close below $39,800 area, reffer to below mentioned post for more detail. But 1D candle nor close above $40,800 area and not close below $39,800 area and close at $40,084. This is the area which is known as uncertain area ($39,800 - $40,800).
If you want to know about uncertain area show your interest in comments and I will post about it also.
Usually we see whenever price close in uncertain area we see correction in market. At that time we also see correction. But we will get more effective confirmation after closing of today candle.
If today candle close above $40,800 area then we will see a pump to $42,000 area and then $43,200 area as I already told you in previous post. If it close below $39,800 area we will see a correction to $37,400 area. And at that correction I will buy 100% alt coins .
So, wait for one day more before taking big entries. We need to wait for right time to buy rather than we take wrong decision. I will update you about next movement. Follow @MU_Traders for more updates.
Last post target was 100 likes but not achieved . But I appreciate all of you who support and bring 0 likes to the previous post .
And some people telling me nonsense or shit. I want to tell them that I do not force you to follow me if you think I am wrong then do not follow me. It is all up to you#TrendingTopic ##TradeNTell ##Write2Earn# 