Based on last week’s close at $1282.60 and the price action the last three weeks, the direction of the February Comex gold futures contract this week is likely to be determined by trader reaction to the major 50% level at $1285.70. Gold prices fell last week with the market hitting its lowest level since December 27. Driving the market lower was a stronger U.S. Dollar. The dollar rose in reaction to rising U.S. Treasury yields. The catalyst behind the price action was the news that the United States and China may have offered concessions during the mid-level trade talks in Beijing earlier in the month. Last week, ... (full story)