February 17, 2023
Bounce triggered by the support at $1,830 has completed, now spot gold price may fall to $1,816 per ounce. The drop from $1,890, may end up at $1,816 or can extend upto $1,793. The second slide below $1,830 on Friday confirmed an extension of this movement towards $1,793.
Friday closing below $1,830 can not be treated as a bullish signal. Bullish trend can be formed only if gold breaks above $1,842.
$1,793 shows as bearish target as per daily chart, which is still not reached, but more realistic target can be $1,813, as gold has already broke support of $1,833.
The fall from $1,956.50 confirms the reversal of uptrend form $1,613.30. Pattern suggest $1,727 as the end point of the reversal. If gold will maintains its movementum, its high change to reach at this point.
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