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Daily Gold Market Quick Analysis- Gold is still under bearish pressure

 

Comment on Gold on February 22, 2021:

At the end of last trading week, the world gold price had a strong decrease week from 1826 to 1760 ($ 66) but the price has yet to break the important support at 1760, so in my opinion.  With the price zone of 1760 not being broken, the close of the weekly candle is still at 1783, equal to the last week of November 2020, the possibility that Gold will have a rally in early session this week.

- Switching to a shorter time frame at H4, we can see that the nearest resistance zone for Gold is 1786-1793.  Around this price range Gold is still under bearish pressure and I expect Gold to drop to the test around the intraday support at 1775. Here I will establish a buy position with the precious metal Gold and the nearest target will be.  below the 1793, the further expectation is around the threshold of 1800. There will be liquidity orders waiting for the next trend of precious metals Gold.