Gold (XAUUSD) Retraces to Find Support
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Gold (XAUUSD) Retraces to Find Support

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Azeez Mustapha

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Market Analysis – February 16

The gold market is currently experiencing a pullback on the daily timeframe. The market is seeking strong support for the continuation of the uptrend.

Gold Key Levels

Support levels: 1786.0, 1738.0, 1727.0
Resistance levels: 1871.0, 1999.0, 2067.0

Gold (XAUUSD) Retraces to Find Support

Gold is currently experiencing buy-side delivery on the market. The previous year saw a significant increase in sell-side delivery. The market went through the accumulation, manipulation, and delivery phases to engineer a price decline last year. The accumulation phase played out in December 2021 and January 2022. The market moved sideways during the period. The daily candles bounced back and forth between the Bollinger Bands.

The manipulation phase was experienced in February and March last year. There was a breakout from the range. The market ascended rapidly from a 1786.0 demand level to a 2067.0 supply level. The final phase, which was the major move of the year, followed the manipulation of the upside to engineer liquidity. A bearish market shift was observed in April. Lower highs and lows are arranged in an orderly manner. The price of gold fell from 2067.0 to 1730.0.

Gold (XAUUSD) Retraces to Find Support

Gold Short-term Trend: Bearish

Gold is currently in a counter-trend move on the 4-hour chart. On the 5-hour time frame, the stochastic reveals that the market is oversold. This correlates perfectly with the daily timeframe. The market is expected to launch from the 1786.0 support level towards 1999.0.

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