Can Gold`s strong uptrend take prices above $1900?
New York Gold
The New Year period saw NY Gold surge above the $1,800 resistance as US inflation expectations and long-term interest rates fell. The release of US inflation figures on Thursday will significantly impact the market. Another soft inflation number could see prices quickly test $1,900.
Ahead of Thursday, the market will likely trade sideways to lower as the market is currently overbought. A break of the 10-day moving average is possible on a higher-than-expected inflation number, which would trigger a quick fall.
Resistance: 1881, 1900, 1950
Support: 1864, 1845, 1820, 1806, 1800
COVID restrictions in China hurt sentiment over the holiday period, so WTI failed to benefit from the weak USD. The $75 level is significant on the charts, and WTI needs help finding direction.
This week's reduction in restrictions in China will help sentiment and make support stronger around $75. Focusing on buying opportunities is the better strategy this week.
Resistance: 80.00, 81.60, 83.30, 90.00
Support: 72.50, 70.25, 70.00, 67.00