Gold rose slightly on the crude oil rally. Gold prices rose slightly in mid-day US trading on Monday. Solid gains (up) in crude oil prices to start the trading week slightly overshadow traders’ bearish risk stances. February gold was last trading at $1,785.40, up $1.50, while March Comex silver was down $0.136 at $22.34 an ounce. Detail cryptocoin.com‘in.
The effect of oil on gold prices
Monday was a quieter trading day. Global stock markets mixed and strengthened. US stock indices rose in the middle of the day. There is less risk aversion in the global market to start the trading week. Initial reports say the Omicron strain of the coronavirus appears to be a milder strain than Delta, but may be more contagious. In other weekend news, we saw Bitcoin and other cryptocurrencies prices fall. Bitcoin has lost more than 10% at one point. Ideas of a tighter US monetary policy have apparently helped sink cryptos.
Asian stocks came under pressure from a massive 20% drop in real estate giant Evergrande as the firm warned it could default on some debt payments. China’s central bank has loosened its monetary policy somewhat by lowering the reserve requirement ratio for its banks. Key “external markets” today see Nymex crude prices rise solidly, trading around $68.25 a barrel. The US dollar index is higher. Meanwhile, the yield on the US Treasury 10-year bond currently fetches 1,388.
![Live 24 hours gold chart [Kitco Inc.]](https://i1.wp.com/www.kitco.com/images/live/gold.gif?w=1170&ssl=1)
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 today’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.
![Live 24 hours silver chart [ Kitco Inc. ]](https://i2.wp.com/www.kitco.com/images/live/silver.gif?w=1170&ssl=1)
March silver futures generally offer a short-term technical advantage. On the daily bar chart, prices are in a three-week downtrend. Silver bulls’ next upside price target is to close 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 today’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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