24 Feb, 2023
5 minutes
Gold Price Forecast | 23rd 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:
Over the most of yesterday’s trading session, the price of gold fluctuated between 1832 and 1846. Yet when the DXY gained strength, Gold broke through the consolidation to hit a short-term low of 1823. Watch for the present retracement of the price to end and a new decline to begin. The round number levels of 1800 and 1775 serve as the next important support levels if the price drops below 1820.
Forecast: Medium Bearish