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Gold Falls To Two-Week Low: Bears Are In Control Now
Gold prices hit a two-week low today, amid a global equities rally that has put significant downside pressure on precious metals and setting up a potential next leg downward.
February Comex gold was down $8.20 (-0.75%) per ounce at $1,189.60 Thursday afternoon, which marks a third consecutive down day for the yellow metal. Year-to-date, gold is still up about 3.3%, but those gains seem to be in danger here unless stocks can manage some kind of pullback to end the week.
Here’s your daily technical analysis, courtesy of Kitco:
Technically, February gold futures prices closed nearer the session low. The gold bears have the overall near-term technical advantage. A five-week-old uptrend on the daily bar chart has been negated this week. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,220.10. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,160.00. First resistance is seen at $1,200.00 and then at today’s high of $1,202.30. First support is seen at today’s low of $1,183.90 and then at $1,175.00. Wyckoff’s Market Rating: 3.5
On the ETF side of things, the SPDR Gold Trust ETF (NYSE:GLD) was trading at $113.30 per share on Thursday afternoon, down $1.02 (-0.89%). Year-to-date, GLD has gained 3.37%, versus a 2.62% rise in the benchmark S&P 500 index during the same period.
GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #1 of 32 ETFs in the Precious Metals ETFs category.
You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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