Technical outlook analysis, not yet qualified to reverse
Gold has moved slowly in the Asian session, the morning of February 20 when the market was hesitant and it is possible that gold will continue to maintain this status for a while.
But from a technical point of view, can the full price of 1,800 USD be the bottom in the short term? Here is some analysis of the technical outlook for gold prices in the medium term.
On the daily technical chart (D1), although gold has turned back after testing the 0.382% Fibonacci retracement level, this does not mean that gold can reverse. For a trading product to get the most obvious reversal signal is when the volume of buyers or sellers overwhelms the other side.
For gold currently, although there have been significant adjustments, looking at the volume, buyers are not completely overwhelming the sellers, but it is having very light transactions and no sudden spikes. Which variables occur, this means that for volume, the possibility of a bullish reversal is completely uncertain.
As for the RSI and Stochastic Relative Strength indicators, both are heading for important resistance around the 50% area, in any case this level has always acted as an important resistance/support that the The opposite reaction to price action often occurs. When these levels are reached, a failure to break above 50% gold will have the opposite bearish outlook.
As for the short-term technical outlook sent to readers in the weekly issue, $1,845, the current price point is the first resistance on record and this level is considered broken if gold breaks through. through $1,850 accompanied by a prospect of a higher recovery with a target of $1,879 at the price point of the 0.236% Fibonacci retracement and the monthly horizontal resistance line.
On the other hand, as soon as the 0.382% Fibonacci retracement level of the price point of 1,828 USD is broken below, gold will immediately have a bearish prospect to continue the trend with the target level not only the whole price point of 1,800 USD but also possible. is the area of 1,788 - 1,791 USD.
From a technical perspective, gold is not technically qualified for a rally as at least the $1,845-1,850 area has not been breached and the key key resistance at $1,879 remains untested.
The medium-term technical outlook for gold is technically bearish with the following notable levels.
Support: 1,828 – 1,800 – 1,791USD
Resistance: (1,845 – 1,850USD), 1,879USD
But from a technical point of view, can the full price of 1,800 USD be the bottom in the short term? Here is some analysis of the technical outlook for gold prices in the medium term.
On the daily technical chart (D1), although gold has turned back after testing the 0.382% Fibonacci retracement level, this does not mean that gold can reverse. For a trading product to get the most obvious reversal signal is when the volume of buyers or sellers overwhelms the other side.
For gold currently, although there have been significant adjustments, looking at the volume, buyers are not completely overwhelming the sellers, but it is having very light transactions and no sudden spikes. Which variables occur, this means that for volume, the possibility of a bullish reversal is completely uncertain.
As for the RSI and Stochastic Relative Strength indicators, both are heading for important resistance around the 50% area, in any case this level has always acted as an important resistance/support that the The opposite reaction to price action often occurs. When these levels are reached, a failure to break above 50% gold will have the opposite bearish outlook.
As for the short-term technical outlook sent to readers in the weekly issue, $1,845, the current price point is the first resistance on record and this level is considered broken if gold breaks through. through $1,850 accompanied by a prospect of a higher recovery with a target of $1,879 at the price point of the 0.236% Fibonacci retracement and the monthly horizontal resistance line.
On the other hand, as soon as the 0.382% Fibonacci retracement level of the price point of 1,828 USD is broken below, gold will immediately have a bearish prospect to continue the trend with the target level not only the whole price point of 1,800 USD but also possible. is the area of 1,788 - 1,791 USD.
From a technical perspective, gold is not technically qualified for a rally as at least the $1,845-1,850 area has not been breached and the key key resistance at $1,879 remains untested.
The medium-term technical outlook for gold is technically bearish with the following notable levels.
Support: 1,828 – 1,800 – 1,791USD
Resistance: (1,845 – 1,850USD), 1,879USD
