XAUUSD ANALYSIS OVER H1 CHART.
Technicals: The price of gold tumbled yesterday, putting the precious metal under heavy selling pressure, but the shorts don't seem to have enough strength to get the price to close below $2,900.
If sellers achieve this (below 2900), gold prices will aim for the 14 February low of 2877, followed by the 12 February swing low of $2864. Nonetheless, the uptrend will remain intact unless gold prices fall below $2,800. Technical indicators have slipped strongly to near oversold readings. Gold could extend the downtrend and fall towards the next important level, the January high of 2817.04.
If gold breaks above the year-to-date high of $2956, the next resistance level will be $3000. Expect today's trading range to be in the resistance 2930 and support 2880 area. Trade to keep sell order trades as the main focus!
If sellers achieve this (below 2900), gold prices will aim for the 14 February low of 2877, followed by the 12 February swing low of $2864. Nonetheless, the uptrend will remain intact unless gold prices fall below $2,800. Technical indicators have slipped strongly to near oversold readings. Gold could extend the downtrend and fall towards the next important level, the January high of 2817.04.
If gold breaks above the year-to-date high of $2956, the next resistance level will be $3000. Expect today's trading range to be in the resistance 2930 and support 2880 area. Trade to keep sell order trades as the main focus!
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