Market Analysis – February 23
The price of Gold rallied with an attempt to strike the 1999.0 supply level. The buyers got exhausted before reaching the supply level. The market made a U-turn above 1871.0 to retrace to the nearest bullish order block for support. The bullish order block has failed to hold, leading to a bearish market reversal.
Gold Key Levels
Demand Levels: 1786.0, 1737.0, 1727.0
Supply Levels: 1871.0, 1999.0, 2067.0
Gold Long-term Trend: Bearish
The Gold market has proven to be very liquid. Distinct uptrends and downtrends have formed without much consolidation. In February 2022, the market delivered an uptrend from the 1786.0 support level to the 2067.0 resistance level. A prominent downtrend followed, which lasted from March to September. The Moving Averages (period nine twenty-one ) crossed in April to indicate the initiation of a downward trend. The price of Gold declined with impulsive and corrective moves to the 1727.0 support zone.
The Bulls gained control in November. The descending parallel channel was invalidated with the push-up in price. The market rallied aggressively, breaking through multiple resistance levels. The Moving Averages supported the rise in the value of Gold. The upward trend was halted just below 1999.0. The Williams Percent Range indicated that the market was oversold. The cross of the Moving Averages above 1871.0 fostered a price decline.
Gold Short-term Trend: Bearish
The bullish order block has failed to hold. The order-block failure has resulted in a bearish market reversal. The Williams Percent Range is currently oversold. A retracement back to 1871.0 is expected to deliver a bearish displacement to 1786.0.
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