**: Market information.
On Tuesday (January 2) in the Asian market, the spot market rose strongly, and the gold price just touched $2,071 an ounce. **Strengthened on the first trading day of 2024 after climbing 14% in 2023, the best year in three years.
Despite the rise in the dollar and US Treasury yields, there was fresh demand in early trading on Tuesday. As the technical picture on the daily chart is still in favor of buyers, it is expected to break above $2100 an ounce.
Lingering geopolitical risks in the Middle East have kept investors on their toes at the start of the new year, supporting the sentiment of traditional safe-haven assets**.
* Analysis of the latest technology outlook.
As you can see from the daily chart, the uptrend line resistance is currently at $2090 ounces, and overcoming this level is still a tricky problem for ***.
If gold closes above $2,090 an ounce on a daily basis, then gold will challenge the $2,100 hurdle. If the uptrend continues, the next target for buyers is expected to be an all-time high of $2,144 an ounce.
The 14-day Relative Strength Index (RSI) gained upward traction above the midline, signaling more gains ahead. In addition, the 100-day simple moving level** (SMA) is on the verge of cutting into the 200-day moving flat from below, signaling an upcoming bullish crossover, which adds confidence to the bullish outlook.
However, if sellers regain control, the initial support level is expected to be at Friday's low of $2,058 an ounce, and a break below this level could see gold prices test $2,050 an ounce. The buyer's last line of defense is at the 21-day simple move flat at $2037 oz.
Jintou.com.