After making a high at $1331.40, supported by weakness in the US Dollar, how did the yellow metal trade in the last session? How is it currently trading? Find out on the 23 February Gold Price Outlook.
23 February, ADS Securities – The precious metal ended in the positive region in the last session and settled at $1330.60, after making a high at $1331.40, supported by weakness in the US Dollar.
23 February Gold Price Outlook
As of now, the safe-haven commodity is trading with a weak showing on the 1H chart, hinting the presence of bearish momentum for the near term. Likewise, the MACD indicator has recently crossed the signal line from above, further validating the above stance.
Important support is observed at the $1325 level, followed by the $1321 and $1317 levels. A move back below the latter might lead to downside momentum in the yellow metal. On the positive side, the key technical obstacle is witnessed at the $1332 level, followed by the $1336 and $1340 levels. A break and stability above the latter might trigger a further acceleration to the upside.
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