Opportunity to buy gold on 2/3/2023
Gold price has delivered a downside break of the back-and-forth auction formed below the critical resistance of $1,840.00 in the Asian session. The precious metal has corrected gradually after a perpendicular upside move to $1,844.00.
Still, the worsening mood is not enough to take XAU/USD down. The pair is currently battling to overcome the 23.6% retracement of the $1,959.75/$1,804.70 decline at $1,841.04. The daily chart shows that the intraday rally stalled ahead of a firmly bearish 20 Simple Moving Average (SMA), currently at $1,848, while the 100 SMA recovered its bullish slope far below the current level. Additionally, technical indicators head firmly north but remain within negative levels. A daily close above the mentioned Fibonacci resistance, and even better, above the daily 20 SMA, should signal additional gains for the upcoming sessions.
The 4-hour chart shows that near-term buyers are losing interest. XAU/USD pulled back after failing to overcome a mildly bearish 100 SMA, while technical indicators lost upward traction near overbought readings. At the same time, the 200 SMA maintains its firmly bearish slope far above the current level, while the 20 SMA grinds higher in the $1,810 price zone.
Support levels: 1,825.90 1,812.20 1,803.00
Resistance levels: 1,848.00 1,863.70 1,877.50
Recommendations for trading gold:
Buy GOLD 1830 - 1829
Stop Loss: 1825
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850
Sell GOLD 1845 -1846
Stop Loss: 1850
Take profit 1: 1835
Take profit 2:1830
Take profit 3: 1825
Note: Always set TP and SL in all trading cases
If you have any questions or support, please leave a comment
Still, the worsening mood is not enough to take XAU/USD down. The pair is currently battling to overcome the 23.6% retracement of the $1,959.75/$1,804.70 decline at $1,841.04. The daily chart shows that the intraday rally stalled ahead of a firmly bearish 20 Simple Moving Average (SMA), currently at $1,848, while the 100 SMA recovered its bullish slope far below the current level. Additionally, technical indicators head firmly north but remain within negative levels. A daily close above the mentioned Fibonacci resistance, and even better, above the daily 20 SMA, should signal additional gains for the upcoming sessions.
The 4-hour chart shows that near-term buyers are losing interest. XAU/USD pulled back after failing to overcome a mildly bearish 100 SMA, while technical indicators lost upward traction near overbought readings. At the same time, the 200 SMA maintains its firmly bearish slope far above the current level, while the 20 SMA grinds higher in the $1,810 price zone.
Support levels: 1,825.90 1,812.20 1,803.00
Resistance levels: 1,848.00 1,863.70 1,877.50
Recommendations for trading gold:
Buy GOLD 1830 - 1829
Stop Loss: 1825
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850
Sell GOLD 1845 -1846
Stop Loss: 1850
Take profit 1: 1835
Take profit 2:1830
Take profit 3: 1825
Note: Always set TP and SL in all trading cases
If you have any questions or support, please leave a comment
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