Gold Outlook 14/03/2023
XAUUSD reached an intraday high of $ 1914.225 and found Sellers at $ 1909.722. From a technical standpoint, the metal is neutral to bearish on the daily chart , trading well below a bearish SMA of 20%, which is currently converging with a descending trend line at $ 1923.616. The Momentum indicator is flat around its midline, while the RSI indicator consolidates around 39, favoring the downside.
The 4-hour chart shows that gold is unable to advance beyond a bearish SMA of 20, which continues to provide dynamic resistance around $ 1909.722. Meanwhile, technical indicators remain aimlessly on negative levels, favoring another step to the south without confirmation.
Support Levels: $ 1888.378 , $ 1872.988.
Resistance levels: $ 1914.225, $ 1909.722.
The 4-hour chart shows that gold is unable to advance beyond a bearish SMA of 20, which continues to provide dynamic resistance around $ 1909.722. Meanwhile, technical indicators remain aimlessly on negative levels, favoring another step to the south without confirmation.
Support Levels: $ 1888.378 , $ 1872.988.
Resistance levels: $ 1914.225, $ 1909.722.
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