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

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