CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

GOLD drops to 2-week low

15:06 12 February 2024

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.

Start investing today or test a free demo

Open account Try demo Download mobile app Download mobile app

Given 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

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back
Xtb logo

Join over 935 000 investors from around the world