February 15, 2023
Spot gold price moving around support $1,844 per ounce, a break below could trigger a drop into $1,816 - $1,828 range.
The fall observes two set of retracements on the uptrend from $1,615.59 and $1,727.50 respectively. The bounce triggered by the support at $1,844 has ended around a resistance at $1,871. There might not be the secound bounce.
A break above the resistance $1,871 could open the way towards the range $1,905 - $1,909. On the daily chart, the metal has broken a support at $1,844.
After two successive days of closing below the critical 50-Daily Moving Average (DMA), now spot gold may go more down, which suggests a target of $1,793. Drop below Tuesday low of $1,842.80 could confirm this move.
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