February Technical Report: Precious Metals Technical Analysis
Gold in January made a spot high of US$1,853.87, just within US$10 of the Weekly Cloud top, a key resistance level for gold in recent months, before sliding off over sixty US dollars to a wan-looking close at around US$1,791, the weakest close since early December.
Crucially, the spot price held above another important line that has been supportive of gold since mid-December, and despite rising real rates, gold managed to recover again, tentatively at first and then aggressively with the increase in Russian aggression towards the Ukraine....
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