Gold prices rallied in early US trading on Tuesday with corrective jumps following Monday’s losses. A rebound in the crude oil market today and a weaker US dollar index have been friendly foreign market forces supporting the metals. February gold was last trading at $1,798.00, up $3.30. Details cryptocoin.com‘in.
Expectations for gold prices
Global stock indexes are showing corrective bounces after Monday’s strong losses, mostly driven by concerns about the pandemic starting to rise again. Looking at the daily bar charts for Nasdaq and S&P futures shows higher daily price volatility at higher price levels. Key “external markets” today see Nymex crude prices rise on a corrective bounce from Monday’s sharp losses and are trading around $69.50 a barrel. The US dollar index is slightly lower earlier today. Meanwhile, the yield on the US Treasury 10-year bond currently fetches 1,429. The premium the US 10-year yield provides to many of its leading counterparts is the main reason the US dollar has appreciated in recent months. US economic data to be released on Tuesday is again light and includes weekly Johnson Redbook and chain store retail reports.
![Live 24 hours gold chart [Kitco Inc.]](https://i1.wp.com/www.kitco.com/images/live/gold.gif?resize=772%2C502&ssl=1)
Technically, February gold bulls generally have the short-term technical advantage. The bulls’ next upside price target is to produce a close above solid resistance at $1,825.00. The bears’ next short-term bearish price target is to push futures prices below solid technical support at $1,775.00. Initial resistance is seen at this week’s high at $1,804.60 followed by last week’s high at $1,815.70. Initial support is seen at this week’s low at $1,789.00 followed by $1,775.00.
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