Gold rises slightly as the short-term chart stance improves. Gold prices were slightly higher at noon on Tuesday, with gold hitting a five-week high. The precious metals market sees bullish traders working on short-term price gains. The recent sharp gains in crude oil futures are also supporting the precious metals markets. February gold was last trading at $1.812.40, up $3.60. Detail Cryptocoin. com
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Levels for gold prices
Global stock markets generally rose overnight. US stock indexes mixed near midday and are at or near record highs. Traders and investors continue to display general “risky” stances for the stock markets, which are bullish and limit the upside movement in safe-haven metals. As the Omicron type of coronavirus proves to produce less serious illness than other types, new vaccines and therapeutics are emerging to combat the virus. The US Centers for Disease Control has halved the quarantine period for those exposed to the virus. Key “outside markets” today are Nymex crude oil prices are rising and are currently trading around $75.85 a barrel. The US dollar index rose slightly. Meanwhile, the yield on the US Treasury 10-year bond currently brings in 1.472%.
Technically, February gold futures bulls generally have the short-term technical advantage and are operating on a short-term price uptrend. The bulls’ next upside price target is to produce a close above solid resistance at $1,840.00. 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 today’s high at $1,821.60, followed by $1,825.00. Initial support is seen at $1,800.00 followed by last week’s low at $1,785.00.