The price of gold sees an increase, accompanied by inflation concerns. Precious metals are seeing buying interest amid growing concerns about rising global price inflation as well as some geopolitical developments currently in place. February gold futures were last trading at $1,819.70, up $7.20. Detail cryptocoin.com‘in.
Gold price and geopolitical factors
Global stock markets weakened overnight. US stock indexes are pointing to slightly higher openings as the New York day session begins after strong losses on Tuesday. Risk aversion rises midweek. The Biden Administration said it thinks Russia may be on the verge of invading Ukraine. North Korea is conducting missile tests again, and terrorists attacked the United Arab Emirates with drones a few days ago. And bond yields are rising on rising inflation concerns. In overnight news, UK inflation rose to a 30-year high as the consumer price index rose 5.4% year-on-year in December. Crude oil prices in major foreign markets today are at their highest level in seven years, trading around $86.50 a barrel. The US dollar index was weak earlier today. The U.S. Treasury 10-year yield is currently yielding 1.89%.
Technically, February gold bulls have the overall short-term technical advantage amid a price uptrend on the daily bar chart. The bulls’ next upside price target is to close February futures contracts above the solid resistance at $1,850.00. The bears’ next short-term bearish price target is pushing futures prices below solid technical support at the January low of $1,781. Initial resistance is seen at this week’s high of $1,822.90 followed by January’s high of $1,833.00. Initial support is seen at the nightly low of $1,809.00 followed by $1,800.00.
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