February 03, 2023
Spot gold moving around support $1,914, waiting for Nonfarm Payrolls data for direction. Gold price is still holding above the $1,900 mark, after a sharp pullback from ten-month highs of $1,960.
Below $1,900 mark gold can visit $1,847, the bullish 50-Daily Moving Average(DMA). The 14-day Relative Strength Index (RSI) is inching higher above the midline, suggesting a slight recovery in the Gold price.
A break above $1,920 may lead to gain into $1,934-$1,935 supply zone and then $1,945-$1,960 range. Although the deep fall on Thursday suggesting reversal of uptrend for some time.
The pattern also indicates the formation of a temporary top. A target zone of $1,984-$2,004 has been aborted. It will be resumed when the metal cross $1,935.
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