Gold is starting 2022 on a firmer footing after capturing two years of progress in 2021, according to market analyst Anil Panchal. The precious metal remains under pressure at its intraday lows near $1,825, down 0.15% in Monday’s early hours. The yellow metal is showing a pullback from its six-week high, while capturing a two-day uptrend. We’ve compiled Anil Panchal’s market commentary and technical analysis for the readers ofKriptokoin.com .
These developments and data will follow for gold direction
Amid rising talk surrounding faster rate hikes in 2023, it could be linked to the US dollar bouncing from a monthly low. At the same time, the consolidation of recent gains by gold investors, the fact that multiple markets are closed and the absence of important data/events support this situation. Along the same lines are fears stemming from China’s troubled real estate player Evergrande and geopolitical tensions between Russia and Ukraine.
However, the analyst states that US PMIs for December may drive gold prices throughout the week, but the Federal Open Market Committee (FOMC) meeting and Friday for December US Agriculture It also reminds that great importance will be attached to the Non-employment figures (NFP). However, in addition to the consolidation of the market, the lack of big data/events and the closure of multiple exchanges is also the basis of the latest corrective decline in gold prices, according to the analyst. Analyst, Özedollarse assesses:
Recently, the Fed has been raising hopes for faster rate hikes in 2022 and virus woes are likely to strain gold buyers. That’s why the FOMC Meeting Minutes and Friday’s NFP data will be crucial.
Gold technical analysis: Uptrend gives gold buyers last-minute hope
Market analyst Anil Panchal said that a net break above 10-week horizontal resistance around $1,814-16, on the upside of gold buyers He says he allowed it to renew the monthly peak on Friday. The uptrend has given gold buyers hope at the last moment, supported by the tighter RSI and bullish MACD signals.
However, saying that the peaks of $1,834 in July and September have become a hard nut to break, the analyst added that in addition to the bullish filters, there are multiple levels and highs of $1,850 in July and September. It reminds us that November’s peak of $1,877 was found. Anil Panchal points out the following technical levels in his analysis:
Meanwhile, the retracement series continues to be less interesting until it breaks beyond the previous horizontal resistance and is now supported around $1,816-14. Following this, the $1,800 threshold will precede the 100-DMA surrounding $1,794, which will be key to following an ascending support line near $1,782 from August.
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