March 06, 2023
Spot gold price may extend gains into a ragne of $1,867 - $1,876 per ounce, as it has more or less broken a resistance at $1,853.
Although the overbought RSI (14) challenges the Gold buyers around $1,855, a convergence of the 200-bar Exponential Moving Average (EMA) and bottom-line of a one-week-long bullish channel challenge the bears around $1,850.
The recovery from around $1,805 may aim either $1,867 or $1,876 ahead of targeting the February 09 swing high of $1,890. Breaking above $1,876 only can confirm continuation toward $1,890.
On other side if metal able to falls below $1,850 mark, it may fall to the extend of $1,840 or $1,835. A further drop may confirm the completion of the bounce from $1,805. Although, on the daily chart, the big bullish candlestick on March 3 suggesting bullish market sentiment for short term. Overall gold is still in bearish state, and can travel to $1,614 mark.
