Gold is Confused Between Bears And Bulls 23/2/2022

The yellow metal prices faced a pivotal resistance level of 1916, clarifying that the price behavior should be monitored around this level in the medium term, forcing the pair to trade negatively to retest the strong demand area published in the previous report at 1892.

On the technical side today, by looking at the 4-hour chart, we notice that the price has settled below the minor resistance 1907. In addition, we notice that the price has moved below the 50-day simple moving average, which is accompanied by the negative momentum on the short intervals.

There is a possibility of a bearish tendency in the coming hours targeting 1888, knowing that the decline below the mentioned level may facilitate the task required to visit the next 1877 stations as long as the price is intraday stable below 1907 and in general below 1916.

Rising and breach of 1916 can thwart the bearish tendency and lead gold to the official bullish path to achieve gains around 1924 and extending towards 1934.

Note: The risk level is high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1888.00	R1: 1911.00
S2: 1877.00	R2: 1924.00
S3: 1865.00	R3:  1934.00