GOLD buy 24/2/2023
Gold price has paused its four-day losing streak just below the $1,825 level, looking for a renewed upside amid a subdued US Dollar performance so far this Friday. The US Treasury bond yields are struggling at higher levels, allowing Gold bulls to come up for the last dance.
Gold price remains vulnerable after breaching the key January 5 low at $1,825 support.
Gold bears keep their eyes on the seven-week low of $1,819 before testing the falling trendline support at $1,801.
The 14-day Relative Strength Index (RSI) is trading well below the midline, suggesting the downside potential remians intact, thus far. for now.
A bear cross is in the making, as the 21-Daily Moving Average (DMA) is on the verge of cutting the 50 DMA from above. Confirmation of the bearish crossover could add credence to the downside in the Gold price.
On the flip side, any recovery will need acceptance above the previous day’s high of $1,834 to gain additional traction.
The next stop for Gold bulls is seen at the weekly high of $1,848, above which the $1,850 psychological level could offer stiff resistance.
Support levels: 1,811.30 1,797.45 1,782.90
Resistance levels: 1,834.00 1,845.99 1,860.00
Trading recommendation:
Buy 1820 - 1818
Stop Loss: 1815
Take profit 1: 1830
Take Profit 2:1835
Take profit 3: 1840
sell 1843 - 1845
Stop loss 1858
Take profit 1: 1840
Take profit 2: 1835
Take profit 3: 1830
Note: Always set TP and SL in all trading cases
Gold price remains vulnerable after breaching the key January 5 low at $1,825 support.
Gold bears keep their eyes on the seven-week low of $1,819 before testing the falling trendline support at $1,801.
The 14-day Relative Strength Index (RSI) is trading well below the midline, suggesting the downside potential remians intact, thus far. for now.
A bear cross is in the making, as the 21-Daily Moving Average (DMA) is on the verge of cutting the 50 DMA from above. Confirmation of the bearish crossover could add credence to the downside in the Gold price.
On the flip side, any recovery will need acceptance above the previous day’s high of $1,834 to gain additional traction.
The next stop for Gold bulls is seen at the weekly high of $1,848, above which the $1,850 psychological level could offer stiff resistance.
Support levels: 1,811.30 1,797.45 1,782.90
Resistance levels: 1,834.00 1,845.99 1,860.00
Trading recommendation:
Buy 1820 - 1818
Stop Loss: 1815
Take profit 1: 1830
Take Profit 2:1835
Take profit 3: 1840
sell 1843 - 1845
Stop loss 1858
Take profit 1: 1840
Take profit 2: 1835
Take profit 3: 1830
Note: Always set TP and SL in all trading cases
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