Gold Chart Outlook 2/4/2023 | Precious Metals Message Board Posts

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Msg  262881 of 269322  at  2/4/2023 1:32:42 PM  by


The following message was updated on 2/4/2023 1:35:14 PM.

Gold Chart Outlook 2/4/2023

GOLD generated a “key” reversal week, having made a new 9-month intraweek high at $1975 and dropping almost 5% in value to $1874, and then closing convincingly below the previous week’s low. The key reversal is a clear sign that the recovery rally has now reached a top and that some regressing and establishing a trading range is to occur. The pivot point for the short term is $1875 (on a weekly closing basis), given that is the level of resistance that when broken to the upside, took Gold to the rally high. Any weekly close below $1875 will open the door for potentially a drop all the way down to the $1784 level, which is where decent-and-unlikely-to-be-broken-without-some-major-fundamental-change "weekly close" support is found. Gold did close on the low of the week, suggesting further downside below last week’s low at $1875 will be seen this week. It does bear saying that there is no established intraweek support below until the $1790 is reached, suggesting that further downside of consequence could be seen this week before some new buying (or should I say, trading) is found. Nonetheless, last week’s close is short-term pivotal (on a weekly closing basis), meaning that if by any chance Gold does get down to $1790 this week, some bargain basement buying will likely come in. Overall though, the chart strongly suggests that on a “daily closing basis”, Gold will trade between $1750 and $1905 for the next 3-6 months.    

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Msg # Subject Author Recs Date Posted
262884 Re: Gold Chart Outlook 2/4/2023 mcokpba 14 2/4/2023 2:35:19 PM
262894 Re: Gold Chart Outlook 2/4/2023 Au-197 0 2/4/2023 9:11:43 PM
262895 Re: Gold Chart Outlook 2/4/2023 kilowatt8 3 2/4/2023 9:51:03 PM
266166 Re: Gold Chart Outlook 2/4/2023 fundamental 0 8/15/2023 5:13:01 PM

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