Gold Price Forecast | 22nd February 2023

Gold

Key news events to watch out for today:

No Key News Events 

Important things that happened recently:

Gold’s ascend might come to an end as prices hit a more than four-week low, reversing back down from the 1950 resistance area as the US dollar strengthened following stronger-than-expected job data, dispelling concerns that the Federal Reserve might keep hiking interest rates.

What we can expect today:

With moderate volatility and no obvious directional bias, gold traded. But, Gold might trade higher in the interim if one anticipates some DXY weakness. Watch for a price breakout over the 1839 price level to indicate a longer-lasting uptrend. Expect Gold to retest the last swing high of 1843, with the 1850 price level serving as the main resistance level.

Forecast: Weak Bullish