Wednesday 22nd March 2023: Technical Outlook and Review
Gold could potentially make a bullish bounce off the first support level at $1933 and head towards the first resistance level at $1957. The $1933 level is an overlap support, coinciding with the 38.20% Fibonacci retracement, which could act as a strong support level.
Tuesday 21st March 2023: Technical Outlook and Review
The XAU/USD chart shows a bearish overall momentum, but price could potentially rise towards the 1st resistance in the short term before reversing off it and dropping towards the 1st support. The 1st support level is at 1957.28, which is a pullback support level with a 23.60% Fibonacci retracement.
Monday 20th March 2023: Technical Outlook and Review
Gold prices have been under bearish pressure for quite some time now, and the overall momentum of the XAU/USD chart remains bearish. There are several factors contributing to this bearishness, such as the downtrend being reinforced by a major descending trend line.
Friday 17th March 2023: Technical Outlook and Review
XAU/USD is currently bullish. The chart analysis identifies that the price may potentially make a bullish continuation towards the 1st resistance level. The 1st support level is identified at 1913, which is considered to be an overlap support and at the 23.60% Fibonacci retracement level.
Thursday 16th March 2023: Technical Outlook and Review
XAU/USD is bearish, and the price could potentially make a bearish reaction off the first resistance level at 1937.00 and drop to the first support level at 1890.00. The first support level at 1890.00 is an overlap support level coinciding with a 38.20% Fibonacci retracement, which may provide strong support for the price if it drops
Wednesday 15th March 2023: Technical Outlook and Review
Price is currently lingering between our 1st support and resistance levels. If the price were to reverse from our 1st resistance at 1923, which is an overlapping resistance level, it could drop to our 1st support at 1890, which is an overlap support level along with the 23.6% Fibonacci retracement.
Tuesday 14th March 2023: Technical Outlook and Review
Price is now testing a major overlap resistance at 1913 which is slightly below the 78.6% short term Fibonacci retracement. A break of this level could suggest a move up to 1962 is possible - which is the recent swing high resistance.
Monday 13th March 2023: Technical Outlook and Review
Price has reversed nicely from our 1st support at 1805. Currently, the price is testing our 1st resistance at 181 which lines up with the 50% Fibonacci retracement. If the price were to reverse from this resistance, it could drop to our 1st support at 1805. Our 2nd support is at 1734, which is overlap support.
Friday 10th March 2023: Technical Outlook and Review
Price has reversed from 1st resistance area of 105.82, which is an overlap resistance. it could potentially drop to our 1st support at 103.80, which has the 38.2% Fibonacci retracement. The next support level is at 102.79, which is an overlap support that lines up with the 61.8% Fibonacci retracement. Do take of our intermediate support at 105.02
