Gold Price Technical Outlook


Gold hangs near 4-week lows amid stronger USD. Study this extensive 8 February Gold Price Technical Outlook to see what else is discussed.

8 February, GKFX – Gold held on to its losses for the third consecutive day on Thursday and is currently placed just above 4-week lows touched earlier.

The yellow metal extended its bearish slide, which started following the release of US monthly jobs report, and a combination of factors was further seen contributing to the ongoing slide on Thursday.

Fed rate hike expectations weigh for the third straight day

A firmer US Dollar amid firming expectations of further Fed rate hike moves continued driving flows away from dollar-denominated commodities – like gold. Adding to this, improving investor’s appetite for riskier assets was further seen denting the precious metal’s safe-haven appeal.

The commodity has now retreated over $35 since last Friday and the prevailing USD strength, which is yet to show any signs of fizzling out, might continue exerting some downward pressure in the near-term.

8 February Gold Price Technical Outlook

Immediate support is now pegged near $1309-08 area, below which the metal seems all set to challenge the $1300 psychological mark. On the upside, any meaningful rebound might now confront immediate resistance near $1320 level, which if cleared might trigger a short-covering bounce towards $1326-27 support break area.

Disclaimer

This article 8 February Gold Price Technical Outlook 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.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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