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The next downside target is the three-week low at $2,813. However, given today\u2019s bearish momentum and decline below key price levels, it looks likely that the three-week low will also fail as support. Further down is the minimum anticipated 38.2% Fibonacci retracement at $2,813, which may show signs of support.<\/p>\n
Nevertheless, once one key moving average is broken the next higher moving average becomes a potential target. Therefore, the 50-Day MA is a maximum lower target for the correction. It is currently at $2,764 and rising, therefore close to converging with the 50% retracement level at $2,769.<\/p>\n
A long-term bull trend continuation signal was generated in late-January on a breakout above the prior trend high at $2,790. That price level was resistance for the uptrend for approximately 13 weeks before it was surpassed. Therefore, it could easily be tested as support during a bearish retracement. Furthermore, since the 50-Day line is rising, it could converge with the former $2,790 high before it is reached.<\/p>\n
Or certainly be in the vicinity of that price level. Nonetheless, it can also be considered the top of a potential support range going down to the 50% retracement at $2,769. This is assuming that the 50-Day line matches or exceeds the 50% retracement in the coming days or weeks.<\/p>\n
Rallies will likely be used by investors to exit long positions and enter shorts. The 20-Day MA at $2,892 is an obvious potential resistance along with the lows of the previous couple of days at $2,888. Finally, since the month of February ends tomorrow, gold is at risk of ending the month in a relatively weak position in the lower half of the month\u2019s trading range.<\/p>\n<\/div>\n
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[ad_1] Next Lower Target is $2,813 The next downside target is the three-week low at $2,813. However, given today\u2019s bearish momentum and decline below key price levels, it looks likely that the three-week low will also fail as support. Further down is the minimum anticipated 38.2% Fibonacci retracement at $2,813, which may show signs of support. Nevertheless, once one key moving average is broken the next higher moving average becomes a potential target. Therefore, the 50-Day MA is a maximum lower target for the correction. It is currently at $2,764 and rising, therefore close to converging with the 50% retracement level at $2,769. Lower Potential Targets A long-term bull trend continuation signal was generated in late-January on a breakout above the prior trend high at $2,790. That price level was resistance for the uptrend for approximately 13 weeks before it was surpassed. Therefore, it could easily be tested as support during a bearish retracement. Furthermore, since the 50-Day line is rising, it could converge with the former $2,790 high before it is reached. Or certainly be in the vicinity of that price level. Nonetheless, it can also be considered the top of a potential support range going down to the 50% retracement at $2,769. This is assuming that the 50-Day line matches or exceeds the 50% retracement in the coming days or weeks. Signs of Strength to Face Downward Pressure Rallies will likely be used by investors to exit long positions and enter shorts. The 20-Day MA at $2,892 is an obvious potential resistance along with the lows of the previous couple of days at $2,888. Finally, since the month of February ends tomorrow, gold is at risk of ending the month in a relatively weak position in the lower half of the month\u2019s trading range. [ad_2]<\/p>\n","protected":false},"author":1,"featured_media":36964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-36963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/36963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/comments?post=36963"}],"version-history":[{"count":0,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/36963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media\/36964"}],"wp:attachment":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media?parent=36963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/categories?post=36963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/tags?post=36963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}