Gold Price Recovery Fades. Dhwani Mehta, an analyst at FXStreet, reports that the downtrend remains favorable.
$1,825 support has to fail
“Critical horizontal trend line support from the Jan 5 low in $1,825 remains a tough nut to crack for gold bears. Before that, the level of $1,830 it should be broken steadily. Friday’s low in $1,819 will be the next target for gold sellers if the decline picks up steam again.”
“On the other hand, any attempt at recovery must find acceptance above the psychological level of $1,850above which a further rise towards the flat 50-day moving average cannot be ruled out. $1,864. Higher up, the Valentine’s Day high in $1,870 will be the next stop for gold bulls.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
