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01.02.202318:05 Forex Analysis & Reviews: Technical analysis on Gold for February 1st, 2023.

Exchange Rates 01.02.2023 analysis

Red line- support

Blue lines- bearish RSI divergence

Gold price is trading around $1,930. Price remains technically in an up trend making higher highs and higher lows. The upward sloping support trend line as shown in the Daily chart, remains intact. Price tested the support trend line for another time yesterday and bulls managed to defend it. The RSI continues to diverge but so far price has not provided us with the necessary break down to confirm a reversal. It is very likely to see a trend reversal soon, but so far bulls remain in control of the trend. Support at $1,900-$1,920 remains key. After yesterday's test of this support area, the importance of it has increased.

*Analisis pasar yang diposting disini dimaksudkan untuk meningkatkan pengetahuan Anda namun tidak untuk memberi instruksi trading.

Alexandros Yfantis,
Analytical expert of InstaSpot
© 2007-2024
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