FX.co - Analysis of Gold for February 23,.2022 - Potential for the drop to take previous lows

2022-02-23T12:53:26

Relevance until2022-02-24

Technical analysis:

Analysis of Gold for February 23,.2022 - Potential for the drop to take previous lows

Gold has been trading sideways at the price of $1,895 and I see potential for the sell off before any further upside continuation.

Trading recommendation:

Due to indecision on the market and the extreme reading on the Gold, I see poetical for the downside movement.

Watch for potential for intraday downside opportuntiies on the rallies with the downside objectives at $1,879 and $1,847

In the background, there is the the big momentum slowdown on the upside run, which is indication for the potential downside movement.

Resistance is set at $1,912

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for February 23,.2022 - Potential for the drop to take previous lows