GOLD Consolidation Phase Both sides defined range

Feb 16

Gold remains in a consolidation phase, with price action moving within a defined range. The broader bias stays bullish as long as the key 5000 support level holds.

Technically, today’s price decline appears to be driven by thin trading volume. With the U.S. and China markets partly inactive due to local public holidays, liquidity has been limited. Additionally, some traders booked profits following the strong 2.5% jump in the previous session.

Gold has also given back part of Friday’s CPI-driven gains amid thinner trading conditions and a lack of fresh bullish catalysts.

Technical Outlook If price continues to hold above the 5000 support level, we could see an upside move toward 5070 – 5122 if the price shows weakness and breaks below 5000, the next support levels are seen near 4945, followed by 4880, before a potential recovery attempt.

You may find more details in the chart,
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Feb 17

Trade closed: target reached