Gold price is attempting a temporary recovery above the $1,830 mark early Wednesday after the dismal performance seen so far this week. Upbeat United States Manufacturing and Services PMIs reaffirm the hawkish US Federal Reserve rate hike expectations, as all eyes turn toward the Minutes of the first Federal Reserve meeting of 2023.
The short-term technical outlook for the Gold price remains more or less the same, as the bright metal enters a bearish consolidative phase.
A break to the downside looks more likely amid a bearish 14-day Relative Strength Index (RSI).
The critical horizontal trendline support from the January 5 low at $1,825 could hold the fort, for now, as Gold sellers are seen threatening the $1,830 round figure.
The next target for Gold bears is envisioned at Friday’s low of $1,819 on a sustained selling momentum.
Alternatively, Gold buyers need to find acceptance above the $1,850 psychological level on the road to recovery, above which a fresh run-up toward the flattish 50-Daily Moving Average (DMA) at $1,864 cannot be ruled out. Fresh buying opportunities will likely emerge above Valentine’s Day high at $1,870.
Support level: 1,824.60 1,811.30 1,797.45
Resistances: 1,838.90 1,854.00 1,870.50
Trading recommendation:
Buy 1823 1824
Stop Loss: 1820
Take Profit 1: 1830
Take Profit 2:1835
Take Profit 3: 1840
Sell 1861 1859
Stop Loss 1863
Take Profit 1:1854
Take Profit 2: 1847
Take Profit 3: 1840
Note: Always set TP and SL in all trading cases
The short-term technical outlook for the Gold price remains more or less the same, as the bright metal enters a bearish consolidative phase.
A break to the downside looks more likely amid a bearish 14-day Relative Strength Index (RSI).
The critical horizontal trendline support from the January 5 low at $1,825 could hold the fort, for now, as Gold sellers are seen threatening the $1,830 round figure.
The next target for Gold bears is envisioned at Friday’s low of $1,819 on a sustained selling momentum.
Alternatively, Gold buyers need to find acceptance above the $1,850 psychological level on the road to recovery, above which a fresh run-up toward the flattish 50-Daily Moving Average (DMA) at $1,864 cannot be ruled out. Fresh buying opportunities will likely emerge above Valentine’s Day high at $1,870.
Support level: 1,824.60 1,811.30 1,797.45
Resistances: 1,838.90 1,854.00 1,870.50
Trading recommendation:
Buy 1823 1824
Stop Loss: 1820
Take Profit 1: 1830
Take Profit 2:1835
Take Profit 3: 1840
Sell 1861 1859
Stop Loss 1863
Take Profit 1:1854
Take Profit 2: 1847
Take Profit 3: 1840
Note: Always set TP and SL in all trading cases
