A persistent USD weakness underpins demand for Gold. How is the precious commodity now trading? Examine the 15 February Gold Price Technical Forecast to see how.
15 February, GKFX – Gold climbed for the fourth day in a row and is currently placed at the highest level in nearly three weeks, around the $1355 region.
Spot prices quickly reversed a knee-jerk fall to an intraday low level of $1317 on Wednesday and gained strong positive traction amid renewed US Dollar weakness, which tends to underpin demand for dollar-denominated commodities – like gold.
Rising inflation expectations supportive
A positive beat to the US CPI print, although fueled expectations that the Fed might opt for a faster pace of interest rate hikes this year, further benefitted the precious metal as a hedge against accelerating inflation and remained supportive of the up-move.
Today’s modest uptick could also be attributed to some follow-through technical buying, especially after yesterday’s bullish break through $1348-50 supply zone. Hence, it would be prudent to wait for a follow-through buying interest before positioning for additional near-term gains.
Later during the NA session, second-tier US economic releases seem unlikely to act a major game changer but might still be looked upon for some short-term trading impetus.
15 February Gold Price Technical Forecast
Immediate resistance is pegged near $1358 level, above which the metal seems all set to head back towards $1366 area (2018 high) before eventually darting towards its next major hurdle near the $1374-75 region.
On the flip side, the $1350-48 region now seems to protect the immediate downside, which if broken might prompt some additional profit-taking slide back towards $1340 horizontal support.
This article 15 February Gold Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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