Gold is an underperformer among precious metals today, dropping around 0.4% at press time. Meanwhile, other precious metals are trading higher on the day, with silver and platinum adding 0.2%, while palladium trades over 2% higher. Gold plunged in the afternoon as the US dollar started to regain ground.
Taking a look at GOLD chart at H1 interval, we can see that gold slumped to the lower limit of the ongoing trading range in the $2,015 area. Bears managed to push the price below this hurdle and to the lowest level in over 2 weeks! Textbook range of the downside breakout from the sideways move suggests a possibility of a drop to as low as $1,994.50 per ounce. However, it should be said that GOLD made a few false breakouts from the range before - both to the upside and to the downside.
إبدأ بالإستثمار اليوم أو تدرّب على حساب تجريبي
إنشاء حساب حساب تجريبي تحميل تطبيق الجوال تحميل تطبيق الجوالGiven that the price keeps diverting towards the $2,015-2,035 trading range after each breakout, a strong catalyst may be needed for a more sustained breakout. US CPI data for January, scheduled for release tomorrow at 1:30 pm GMT, could be such a catalyst.
Source: xStation5
