“Selloff Appears” Analyst Has Forecast Critical Gold Prices!

In the midst of the decline in foreign markets, gold prices and silver prices are weak. Gold and silver prices fell in early trading in the US on Thursday. There is moderate price pressure on metals from key foreign markets, which are in a daily bearish trend; such as lower crude oil prices and a higher US dollar index. February gold was last traded at $1,778.40, down $7.10, while March Comex silver was last traded at $22,215, down $0.227.

“selloff” for gold prices?

cryptocoin.com As we reported, global stock markets were mixed. US stock indexes point to weaker openings as the New York daily session begins. It’s been a very good week for US stock index bulls, with Thursday seeing a normal corrective pullback from strong gains. In the nightly news, Bloomberg reported that Fitch Ratings placed China Evergrande Group in limited default on Monday as it failed to meet its bond interest payments. Downgrading could trigger mutual defaults on the developer’s $19.2 billion debt. Fitch also placed Kaisa Group Holdings Ltd. in limited default, citing it failed to pay the $400 million bond due Tuesday. It seems clear that there won’t be any bailout for developers struggling from Beijing, with People’s Bank of China Chairman Yi Gang saying that default is a market phenomenon and will be handled in a market-focused way.

Traders await Friday’s US consumer price index report as the week’s US data, which is expected to rise 0.7% from November and 6.7% year-on-year. Chinese inflation data showed that the producer price index rose 12.9% year-on-year. Today, key “external markets” are seeing Nymex crude prices weakening and trading around $72.00 a barrel. Crude bulls also had a very good week. The US dollar index is higher. Meanwhile, the US Treasury 10-year yield currently shows 1,494. US bond yields rose this week on ideas of tighter US monetary policy and stronger US economic growth in the months ahead. US economic data due on Thursday includes the weekly jobless claims report and monthly wholesale trade.

technical view

Technically, February gold bulls generally have the short-term technical advantage. The bulls’ next upside price target is to produce a close above the solid resistance at $1,800.00. 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 nightly high at $1,788.40 followed by this week’s high at $1,794.30. Initial support is seen at this week’s low at $1,772.40 followed by last week’s low at $1,762.20.

March silver bears generally have the short-term technical advantage. Prices have been in a downward trend for 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 nightly high at $22,475, followed by this week’s high at $22,635. The next support is seen at last week’s low at $22.035 followed by $22.00.

Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!