(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Can Gold`s strong uptrend take prices above $1900?

Article background

Nick Goold

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

WTI

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

Great