Gold Price Forecast | 24th 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:

Gold’s price soared down to 1819 and then abruptly retraced, resulting in a price action that was quite choppy when it broke out of the prior consolidation. Yet when the DXY grew stronger, Gold was forced to fall below the crucial 1820 support level, which is likely to indicate more bearish pressure. Before Gold can trade below the 1800 support level, look for the price to break below the 1819.50 price level.

Forecast: Medium Bearish