Gold: bulls would be looking to post a higher low between $1528 and $1548 [Video]

Richard Perry Independent Analyst

Gold

The momentum of the retracement from a multi-year high of $1610 has just stalled in recent sessions. Whilst the market closed lower yesterday, a decent rebound into the close has helped to steady the ship slightly. There is still a negative bias to the move over the past week, with yesterday’s low at $1536 being a lower low to the lower high of $1563. Momentum indicators have unwound, but have begun to steady slightly. This is reflected well through the hourly chart where momentum indicators are now oscillating in ranging configuration and moving averages are broadly neutral too. We continue to see this move as being a near term correction within what is still a positive medium term outlook on gold. The bulls would be looking to post a higher low between the 50% Fibonacci retracement (at $1528) and 38.2% Fib (at $1548). So given the low at $1536 was also an old breakout support, this is an interesting development on gold. A move back above $1563 would be a bullish signal now.

Author

Richard Perry

Independent Analyst

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.