An Incoming Rising Wave? Analyst Announces Gold Targets!

Gold and silver rose after solid price increases in crude oil. Gold and silver prices rose modestly in early US trading on Tuesday. The strong rally seen in crude oil, the leader of the commodity sector, earlier this week, supports the upward price action in the metal markets. February gold was last up $4.30 at $1,783.80, and March Comex silver was last up $0.197 at $22.46 an ounce. Detail Cryptokkoin.com‘in.

Boundaries of bullish for gold

Global stock markets rose in overnight trading. US stock indexes point to higher openings as the New York daily session begins. The biggest fears of the Omicron variant have not materialized so far and risk appetite is on hold for now. Oil prices are also rising, and U.S. Treasury bond yields are rising on ideas that U.S. and global economic growth will not be severely impacted by Omicron. Traders and investors are watching a phone call between US President Biden and Russian President Putin today. The West thinks that the Russians may be ready to invade Ukraine, as Russian troops are gathering near the Ukraine-Russia border.

In the nightly news, the euro area’s third-quarter gross domestic product rose 2.2% from the second quarter and 3.9% year-on-year. These figures were in line with market expectations. On the other hand, China’s exports in November increased by 22% and imports by 31.7%, year on year. Both figures easily exceeded market expectations. Key “external markets” today see Nymex crude prices rise solidly again, trading around $71.50 a barrel. Strong gains in crude oil this week suggest the market bottomed out in the short term last week. The US dollar index is slightly higher. Meanwhile, the yield on the US Treasury 10-year bond currently brings in 1.441%. US economic data to be released on Tuesday includes weekly chain store index and Johnson Redbook retail reports, international trade report, revised productivity and costs, IBD/TIPP economic optimism index and consumer credit.

technical view

Technically, February gold bulls generally have the short-term technical advantage, but they need to show new strength soon to maintain it. The bulls’ next upside price target is to produce a close above the solid resistance at $1,840.00. The bears’ next short-term bearish price target is pushing futures prices below solid technical support at the November low of $1,761.00. Initial resistance is seen at this week’s high at $1,789.00 followed by $1,800.00. Initial support is seen at $1,775.00 followed by last week’s low at $1,762.20.

March silver bears generally have a short-term technical advantage. Prices have been in a downtrend for about three weeks. The silver bulls’ next upside price target is to close December futures prices above solid technical resistance at $24.00 an ounce. The next downside price target for the bears is to close prices below solid support at $21.46, the September low. Initial resistance is seen at this week’s high at $22,635 followed by $23.00. The next support is seen at last week’s low at $22.035 followed by $22.00.

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