Gold Outlook 7th March 2023
Overnight, Gold retraced from the price area of 1858.50 to retest the 1846.80 key support level.
Although the price broke below the upward trendline, it would still be too early to consider the possibilities of a deeper retracement to the downside, since the support level held prices up.
As the current price action develops to indicate a potential rejection of the support level, look for a couple more conditions to develop before expecting further more significant upside on Gold:
- further weakness in the DXY (especially if it breaks below 104)
- high impulsive move on the EURUSD (beyond the key resistance level of 1.07)
Although the price broke below the upward trendline, it would still be too early to consider the possibilities of a deeper retracement to the downside, since the support level held prices up.
As the current price action develops to indicate a potential rejection of the support level, look for a couple more conditions to develop before expecting further more significant upside on Gold:
- further weakness in the DXY (especially if it breaks below 104)
- high impulsive move on the EURUSD (beyond the key resistance level of 1.07)
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