Gold Price Forecast | 21st February 2023
Gold
Key news events to watch out for today:
No Key News Events
Important things that happened recently:
Gold’s ascend might come to an end as prices hit a more than four-week low, reversing back down from the 1950 resistance area as the US dollar strengthened following stronger-than-expected job data, dispelling concerns that the Federal Reserve might keep hiking interest rates.
What we can expect today:
While the market stabilized overnight, Gold fluctuated without any discernible direction along the 1845 price level. If the resistance is rejected while the price is below the 1850 price level, Gold’s negative movement toward the 1820 support level may resume. As an alternative, if the price rises over 1850, Gold may continue its upward correction, with 1870 serving as the next immediate resistance.
Forecast: Weak Bearish
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