Commodities Analysis and Opinion

Could Gold Eventually Fall to $1790/80?

2023.02.09 05:46

Gold bearish engulfing candle on the daily chart & then the weekly chart suggested the 3-month rally in Gold just ended.

We are likely forming a bear flag on the short-term charts, meaning eventually, we will break lower.

Hourly XAU Chart

Hourly XAU Chart

huge bearish engulfing candle on the weekly chart is a sell signal as we take out all the candles for the 7 weeks last week.

We hold the most important support of the week at 2210/00 but with only a small bounce for scalpers.

April was higher for the 3rd day yesterday.

Today’s Analysis

Gold crashed almost $100 from Wednesday’s high in just 2 days, leaving a brutal bull trap for those who bought into longs over the past 3 weeks (& did not take the profit).

Further losses look highly likely, with a break below minor support at 1855/50 acting as the sell signal to target 1830/25. Eventually, we could fall as far as 1790/80.

Shorts at 1882/85 worked perfectly, with a high for the day exactly here again yesterday. Today we can try this again with a stop above 1890. A break higher, however, can target 1896/98.

Silver is holding the most important support of the week at 2210/00 perfectly so far. A low for the day exactly here yesterday, but longs need stops below 2185. A break lower is a sell signal & sees 2200/2220 act as resistance to target 2170/60 & 2135/30.

Longs at 2210/00 can target resistance at 2260/70 for profit-taking (7 points below here yesterday). Shorts need stops above 2280. Strong resistance at 2300/2310. Shorts need stops above 2320.

WTI Crude continues higher through 7720/50 as predicted to resistance at 7840/80 with a high for the day exactly here, in fact. Shorts need stops above 7910. A break higher can target the February high at 7940/70, then 8020/40.

Shorts at 7840/80 can target 7720/00 for profit taking. A low for the morning is possible, but longs need stops below 7670. A break lower targets 7620/00.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 82,063.99 2.18%
ethereum
Ethereum (ETH) $ 1,887.58 0.31%
tether
Tether (USDT) $ 0.999958 0.00%
xrp
XRP (XRP) $ 2.29 2.10%
bnb
BNB (BNB) $ 581.60 0.97%
solana
Solana (SOL) $ 124.55 0.86%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.706819 3.00%
dogecoin
Dogecoin (DOGE) $ 0.167997 1.75%
tron
TRON (TRX) $ 0.225413 1.39%
staked-ether
Lido Staked Ether (STETH) $ 1,884.58 0.11%
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 82,872.20 0.10%
pi-network
Pi Network (PI) $ 1.65 1.97%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,738.90 2.35%
leo-token
LEO Token (LEO) $ 9.72 0.07%
chainlink
Chainlink (LINK) $ 13.30 0.35%
stellar
Stellar (XLM) $ 0.273517 3.42%
usds
USDS (USDS) $ 1.00 0.00%
hedera-hashgraph
Hedera (HBAR) $ 0.190207 4.37%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,262.03 0.04%
avalanche-2
Avalanche (AVAX) $ 18.82 1.16%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 0.35%
the-open-network
Toncoin (TON) $ 2.82 3.26%
sui
Sui (SUI) $ 2.17 5.42%
litecoin
Litecoin (LTC) $ 89.08 1.85%
bitcoin-cash
Bitcoin Cash (BCH) $ 328.18 5.48%
mantra-dao
MANTRA (OM) $ 6.28 2.87%
polkadot
Polkadot (DOT) $ 4.04 1.31%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.08%
weth
WETH (WETH) $ 1,887.04 0.31%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998699 0.23%
bitget-token
Bitget Token (BGB) $ 4.21 0.52%
hyperliquid
Hyperliquid (HYPE) $ 12.86 3.57%
whitebit
WhiteBIT Coin (WBT) $ 28.19 1.73%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,004.69 0.13%
monero
Monero (XMR) $ 207.70 1.06%
uniswap
Uniswap (UNI) $ 5.92 0.34%
susds
sUSDS (SUSDS) $ 1.04 0.05%
dai
Dai (DAI) $ 0.999839 0.00%
near
NEAR Protocol (NEAR) $ 2.66 3.18%
aptos
Aptos (APT) $ 5.18 1.24%
pepe
Pepe (PEPE) $ 0.000007 6.67%
ethereum-classic
Ethereum Classic (ETC) $ 17.98 0.80%
ondo-finance
Ondo (ONDO) $ 0.838553 3.42%
internet-computer
Internet Computer (ICP) $ 5.50 0.27%
okb
OKB (OKB) $ 41.98 1.22%
gatechain-token
Gate (GT) $ 20.55 1.04%
aave
Aave (AAVE) $ 166.11 3.80%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 82,007.97 2.28%
mantle
Mantle (MNT) $ 0.729826 2.73%