February 22, 2023
Spot gold may retest support of $1,830 per ounce. The next target for Gold bears is at Friday’s low of $1,819 on a sustained selling momentum. A break to the downside looks more likely amid a bearish 14-day Relative Strength Index (RSI).
The downtrend from Feb 02 high $1,959.76 remains intact, which could extend towards $1,793. A falling channel suggests the same target. Gold price is attempting a temporary recovery above the $1,830 mark. The metal is managing to stablisze above $1,830, which raise doubt on whether the metal intends to drop towards $1,819.
Gold need to break $1,850 psychological level on the road to recovery, which could lead to gain into a range of $1,853-$1,867. Fresh buying opportunities will likely emerge above Valentine’s Day high at $1,870. Upbeat United States Manufacturing and Services PMIs reaffirm the hawkish US Federal Reserve rate hike expectations, as all eyes turn toward the FOMC Minutes.
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