The gold price daily trend maintained in choppy at 1207 along, the weekly price may close in choppy after slightly upward, so today is majorly for longs, at night mainly follow the bulls.
In the fundamentals, the Europen Central Bank remain the interest rate unchanges, so their decision and speech did’t fluctuate the market strongly, so it is with the US firstly application of unempolyment compensation in that week.
The stronger empolyment rate and real estate market showed the US economy solid enough and enhanced to increase the interest rate, so the dollar got boosted a little this week but without continuity due to the very risky event of Trump’s specific economy policies.
So the investors are very interested in Trump’s inauguration speech about his prior promised policies of tax cuts, protectionism, and Yellen’s speech about the economy prospect and monetary policies, so the gold are in demand to hedge the risks.
The gold price once upwarded close at 1206.59 but then dropped around 1204.73, which was above the daily averages to indicating the section guided temperarily. As to the recent highs and lows, the trend will continue if break through here. In short-term the support position is around 1.46.40 and the resistance position around 1250.
Combined with the skills trend, 4-hour chart surged up to test pressure, daily chart turned negative in highs, weekly chart accumulated bulls, so to buy longs in short-term, median-term to sell shorts, long-term in lows to buy longs. Last night around 2300 hours the trend downwarded to test the second support at 1195, so there are not further positions to target profit, also no oppotunities to enter at 1200 after the slight pull-up in the morning. Then better buy longs in short-term in 1205-1203. The daily chart open for shorts, so today better note the rebound correction’s strength and continuity, for next week’s consideration.
Today the gold price to buy longs at lows in short-term and long-term, sell shorts at highs in median-term. In 1203-1205 for longs, stop loss at 1200, target in 1200-1212.