February 13, 2023
Spot gold still target a range of $1,816-$1,843 per ounce, as it has broken a rising trend line.
This break confirmed the continuation of a downtrend from $1,959.52. The trend observes two sets of retracements, respectively on the uptrend from $1,615.59 and the trend from $1,727.50.
A break above $1,878 may lead to a gain into $1,905 - $1,909 range. On the daily chart, the metal has briefly pierced below a support at $1,858. This could be due to the completion of moderate bounce triggered by this barrier.
The brief piercing suggests a continuation of the downtrend towards a range of $1,816 - $1,828.
