JeffKing_Fx
JeffKing_Fx

JeffKing_Fx

@jeffking_fx

EUR/CHF SELL 0.98785

SL = 0.9920
TP = 0.9845

Signals Time : 10;08
Tuesday, 14 February 2023
Greenwich Mean Time (GMT)

Gold price continues to decline calmly, organized inside the correctional bearish channel that appears on the chart, which supports the chances of achieving our main waited target at 1828.70, noting that breaking this level will extend the bearish wave to reach 1788.20 areas on the near term basis.



The EMA50 continues to support the suggested bearish wave, and the price might show some temporary sideways fluctuation until getting additional negative motive that assists to push trades to achieve the waited targets.



On the other hand, we should note that breaching 1878.80 will stop the current bearish correction and lead the price to attempt to regain the main bullish trend again, to start building bullish wave that its main targets begin by visiting 1928.60 followed by 1960.00 areas.



The expected trading range for today is between 1840.00 support and 1870.00 resistance.



The expected trend for longterm trade : Bearish

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Technical Analysis,
Technical Indicators & Moving varage for Gold today
#short_term

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Gold inches up from over 1-month low as CPI data looms.
Gold prices rose slightly from a one-month low on Tuesday, but saw little trading action as investors kept to the sidelines ahead of more economic cues from U.S. consumer inflation data due later in the day.

Most other metal prices also stuck to tight trading ranges, while the dollar steadied amid fears that inflation could surprise to the upside, inviting more interest rate hikes by the Federal Reserve.

Spot gold rose 0.1% to $1,855.58 an ounce, while gold futures rose 0.1% to $1,865.95 an ounce by 19:32 ET (00:32 GMT). Both instruments weakened on Monday as markets turned volatile in anticipation of the consumer price index reading.

The data is expected to show that while inflation eased further in January from the prior month, it is still expected to remain at relatively high levels. This trend could potentially give the Fed enough impetus to maintain its hawkish rhetoric.

Gold prices were battered by rising interest rates in 2022, as the opportunity cost of holding non-yielding assets rose in tandem with U.S. Treasury yields. While the yellow metal did see some respite in the first few weeks of 2023, resurgent fears of the Fed reversed a bulk of gold’s recent gains.

A spike in short-term Treasury yields also pressured bullion prices in recent sessions, as did a recovery in the dollar, which hovered near a one-month high against a basket of currencies. The greenback fell slightly on Tuesday amid some profit taking.

Other precious metals were also muted on Tuesday. Platinum futures rose 0.1% to $961.15 an ounce, while silver futures steadied around $21.992 an ounce.

Among industrial metals, copper prices retreated after strong gains in the prior session, as traders continued to weigh the prospect of a Chinese demand recovery against fears of a global recession this year.

High-grade copper futures fell 0.1% to $4.0585 a pound, after rallying over 1% in the prior session.

The red metal has marked volatile swings in recent weeks amid mixed signals on an economic recovery in China, the world’s largest importer of the metal.

But fears of a slowdown in other major economies have provided a major headwind to prices, particularly signs of slowing industrial activity in the U.S. and the euro zone.

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