Professional Analyst Announces Expected Levels in Gold Prices!

Gold and silver are seeing modest price increases. Gold and silver prices look stronger in US trading early on Monday. The market is not as panicked as it appeared on Friday, but it is by no means optimistic either. February gold was last trading at $1,794.00, up $6.00, while March Comex silver was trading at $23.25 an ounce, up $0.11. For details cryptocoin.comKeep watching.

Movement in gold price

Sunday was a little less spooky than Friday about Covid’s new strain of Omicron. Reports now say the Omicron strain may be milder than its predecessors and vaccines may work on the new variant, but may need tweaking. Still, there are more questions than answers on the subject at the moment, and this will likely keep market participants nervous, at least in the near term. This means bullish for safe-haven assets like gold, US dollars and US Treasuries. Although the World Health Organization says this is premature, some countries have closed their borders to foreigners. A few market watchers say the fear of Omicron is exaggerated and markets are likely to settle quickly.

Asian stocks are mostly low and European stocks are mostly up. U.S. stock indices are firmly pointing to higher openings as the New York session kicks off after suffering sharp losses on Friday. There was general selling in crude commodity futures markets on Friday, led by crude oil. It remains to be seen whether the fear of inflation has peaked. It’s really too early to suggest such a thing. We can provide better clues as to how the commodity markets will trade this week. The good recovery in commodity markets this week, including for crude oil, could indicate that inflation remains high and even problematic.

What’s the key for prices?

The US dollar index rose slightly. Meanwhile, the yield on the US Treasury 10-year bond is currently bringing in 1.521%. US economic data to be released on Monday includes pending home sales and the Texas manufacturing outlook survey.

Technically, February gold bulls generally have the short-term technical advantage. A two-month uptrend on the daily bar chart is still alive, but barely. The bulls’ next upside price target is to produce a close above the solid resistance at last week’s high at $1,853.00. 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 the nightly high at $1,801.50 followed by $1,810.00. Initial support is seen at last week’s low at $1,780.20, followed by $1,775.00.

March silver bears generally have the short-term technical advantage. A seven-week uptrend was rejected on the daily bar chart. The silver bulls’ next upside price target is to close December futures prices above solid technical resistance at $25.00 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 Friday’s high at $23.77 followed by $24.00. The next support is seen at last week’s low at $22,935 followed by $23.40.

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