Gold futures prices are at daily lows in early US trades on this first trading day of 2022. Daily bearish factors such as a higher US dollar index, weaker crude oil prices and higher US Treasury yields are negative for the gold price. February gold futures were last trading at $1,810.00, down $18.90. Details Cryptocoin. com
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Pressure expands for gold price
Global stock markets were mostly stronger in the past day. US stock indexes point to higher openings as the New York daily session begins. The S&P 500 stock index rose 27% in 2021, reaching a record 70 per year. While there is little risk aversion in the market right now, some market analysts believe 2022 will be a tougher year for stock markets as soaring inflation, central banks rein in easy money policies so far, and the world is still at war with global markets. There are also ongoing geopolitical issues, such as Russia’s massing of troops on the Ukrainian border and China’s bursting real estate bubble, that could quickly bring the market to the fore. The yield on the US 10-year Treasury bond is currently 1%. It brings 541. US bond yields have been on the rise for three weeks.
Technically, February gold futures have the overall short-term technical advantage amid a three-week price downtrend on the daily chart. However, the bulls need to show some fresh strength soon to keep it alive. The bulls’ next upside price target is to close February futures above solid resistance at $1,840.00. The bears’ next short-term bearish price target is to set futures prices at 1,785 below solid technical support. Pushing it below $00. Initial resistance is seen at $1,821.60, followed by $1,850.00. Initial support is seen at $1,800.00 followed by $1,789.10.