March for the bears - GOLD
Gold price remains sidelined as buyers flirt with a convergence of the 21-day and 50-day Exponential Moving Average (EMA) near $1,848. However, bullish MACD signals and the bullion’s sustained bounce off the 200-day EMA keep the buyers hopeful of crossing the previous day’s top surrounding $1,858.
Following that, the February 09 swing high surrounding $1,890 and the $1,900 threshold could act as the last defenses of the Gold bears. On the contrary, the metal’s sustained trading below the stated EMA confluence of $1,848 needs validation from the 50% and 61.8% Fibonacci retracement level of the quote’s upside from November 2022 to February 2023, respectively near $1,840 and $1,812.
It’s worth noting that the Gold buyers remain hopeful unless witnessing a clear downside break of the 200-day EMA, close to $1,805 at the latest.
I'm surely that we may see bears for the month of march at least to 1750.
Following that, the February 09 swing high surrounding $1,890 and the $1,900 threshold could act as the last defenses of the Gold bears. On the contrary, the metal’s sustained trading below the stated EMA confluence of $1,848 needs validation from the 50% and 61.8% Fibonacci retracement level of the quote’s upside from November 2022 to February 2023, respectively near $1,840 and $1,812.
It’s worth noting that the Gold buyers remain hopeful unless witnessing a clear downside break of the 200-day EMA, close to $1,805 at the latest.
I'm surely that we may see bears for the month of march at least to 1750.
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