Sat, Feb 04, 2023 @ 08:48 GMT
HomeContributorsTechnical AnalysisGold: Bulls Gaining Traction for Eventual Break Higher After a Three-Week Pause

Gold: Bulls Gaining Traction for Eventual Break Higher After a Three-Week Pause

Gold regained traction after a bearish close on Wednesday, with fresh strength being driven by weaker dollar on Thursday.

The metal is on track to eventually register a weekly close above $1800, following a multiple failures in past four weeks and to break from three-week congestion, defined by a triple weekly Doji.

Weekly close above $1800 would generate an initial positive signal which will require a confirmation on break above $1842 (50% retracement of $2070/$1614) and signal bullish continuation of an uptrend from Sep-Nov $1614 base.

Technical studies on daily chart are in full bullish setup and supportive, though bulls may face headwinds, as traders remain cautious and await for further signals and markets operate in holiday mode with lower volumes.

Res: 1824; 1833; 1842; 1855
Sup: 1800; 1788; 1773; 1765

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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