#GoldTechnical analysis.#24K99 News: On Tuesday (January 7), during the Asian market session, spot Gold maintained a moderate rebound, with prices currently around $2639 per ounce. FXStreet Chief Analyst Valeria Bednarik wrote an article analyzing the technical outlook for Gold.
Bednarik stated that Gold prices continue to consolidate, with bulls taking a brief respite while still maintaining control.
Spot Gold closed down 0.14% on Monday, reporting $2635.71 per ounce.
On Tuesday at 23:00 Beijing time, the USA Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey (JOLTS), with expectations that this heavyweight employment data will trigger significant market movements in Gold prices today.
Economists expect that the USA JOLTs job openings for November will be 7.7 million, down from 7.744 million in October.
The JOLTS job vacancy report is one of the labor force indicators that US Treasury Secretary Yellen values most when she served as the chair of the Fed. This indicator is also data that the Fed is highly concerned about in the labor market.
In addition, at 23:00 Peking time on Tuesday, the USA's December ISM Non-Manufacturing Purchasing Managers' Index (PMI) will be released, expected to be 53.5, up from 52.1.
Short-term technical outlook for gold
Bednarik wrote that on the daily chart, the price of Gold hovers near the stable 20-day Simple Moving Average(SMA), while buyers limit the downward space of the Gold price near the bullish 100-day moving average, currently providing dynamic support at $2624.98 per ounce.technical indicatorsMeanwhile, it remains at negative levels, although the directional strength varies, reflecting that buyers are in a slight breather.
Bednarik added that recent conditions indicate limited bullish potential for the Gold price. The 20-period SMA, 100-period SMA, and 200-period SMA converge narrowly in the $2640 per ounce region, limiting the rebound space for Gold prices. Finally, the Technical Indicators have reduced their decline, but are still below the midline. If the Gold price successfully breaks through the early January high of $2665 per ounce and maintains upward momentum above that level, then Gold may turn bullish.
(Source: FXStreet)
Valeria Bednarik provides the latest important information on Gold prices.ResistanceAnd Resistance levels:
Support levels: 2624.90 USD/ounce; 2611.20 USD/ounce; 2596.00 USD/ounce.
Resistance levels: 2649.50 USD/ounce; 2665.10 USD/ounce; 2678.85 USD/ounce.
At 11:45 in Peking, spot Gold is reported at 2639.11 USD/ounce.
