Wednesday morning, February 15, 2023 at 6:00 am GMT – the price is $ 1845 an ounce.
* The conclusion of this article contains a featured video that appears exclusively at the bottom of this article.
With the closing of the week before last, gold lost a lot of momentum, with the price of an ounce reaching below $1900 an ounce at $1860. First of all, what we will talk about in this article, and I will follow it with an important explanatory video.
On the 10th of last February, we noticed in the market an accelerating pace of decline, with gold reaching $1860, which I described through my tweet on Twitter as a change in the market’s strategies appetite for gold, and I also discussed it in last Thursday’s seminar, and that the $1860 support was vulnerable to breaking due to the strength of the decline that precede it and caution is required. Yesterday, together, we witnessed a rapid deterioration in the price of an ounce, after breaking 1860 to $1842 an ounce.
Tweet showing the size of the declines
On the technical level of the gold market
Gold, breaking the 1900 level, the last bullish bottom in the previous bullish wave that started from November 2022 to the beginning of this February, is a negative point with the clarity of the size of the large decline on the 4-hour chart, and today from the $1960 area, the previous top.
On the weekly basis, watch the four-hour frame and the next daily. Gold is now trading below the broken trend line and the Ema 50 and Ema 200 support, after forming a top less than the top and a bottom less than the bottom of the downside trend that currently dominates the market, albeit short-term, but it is present now. As you can see on the chart below.
Trend: The price action across the chart indicates that this decline may continue in the medium term as long as 1900/1860 prices are below these figures.
It is expected that we will see a slight correction of the ounce in the short term to the nearest resistance area, and this can be considered a healthy correction in the short term, after this significant decline after breaking the 1900 support earlier this month.
Trade ideas:
In the short and medium term: We will continue to search for the course of this decline in the medium term as long as prices are below 1860/1900 $ an ounce in the event that any new signal appears that supports a rebound from one of the resistance areas after any corrective rise, such as the bearish flag, head and shoulders, Hummer candles, etc.
For a short term trader, do not over-risk, rather you can track the moves with the least possible risk to save your trading efforts after any suitable correction.
Regarding the purchase, “I do not recommend it at the moment. We may see lower prices in the coming days, according to what we mentioned previously, and I think that waiting is the master of the situation.” Follow us first.
“If you want to speculate in the short term, use a tight strategy to manage the risks of any purchasing transaction within the downward trend so that the loss does not increase in the event that the market continues in the downside.”
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