Gold could not break higher

Carol Harmer Charmer Trading

Gold could not break higher as I said yesterday....It failed at the 4 hrly 78.6 and came down closing at the lows...still under pressure... Technical indicators on the dailies have turned negative ...first time since the rise from 1122 so please be very careful of taking long positions...

I would think that we can come lower and a move back to 1237/36..Now that would mean we have had a good retracement and this area will then decided where Gold goes from here...As I said its tracking the $ and if we see a $ correction Gold should fall.......

Now as Iv said 1236 is good support....we break below here we have support once more at 1226...I believe buyers will be coming in at these lower levels and they will defend this support.. However...if these stochastics really start to continue to look weak Gold will not be able to hold up..

Now we really do have a raft of resistance and higher levels...we have the daily 61.8 coming in at 1254...the 200 day M/A at 1259 and chart resistance from previous highs at 1261 and 1263....Can we really break above here given we are at such overbought levels and that are beginning to turn lower... Im not sure...I would suggest not....

Now...if we fail to hold over 1226 look for 1216 as a viable target...Below here look for 1204...

Gold Current Trading Positions

Sell 11%

Buy 89%

Avg Sell Price 1265.00

Avg Buy Price 1218.13

Liquidity Distribution

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.