GOLD: Gold Prices Fell Sharply!

Hello everyone! Today i want to share some macro analysis with you!

1.

Gold prices fell sharply during the Asian session on Tuesday (February 17), breaking below $4,900 and currently trading around $4,900 per ounce.

The sharp decline was attributed to the closure of US markets on Monday for Presidents' Day and the Chinese New Year holiday, resulting in thin trading liquidity.

2.

$XAU/USD(XAUUSD.FOREX)$ Technical Analysis: After experiencing significant volatility, gold prices have entered a high-level consolidation phase. The key psychological support level of $5000 has been broken, and prices are currently fluctuating between $4950 and $5000.

Short-term moving averages have turned upwards again, indicating a recovery in the momentum of the rebound. However, overall volatility remains significantly higher than normal, reflecting that market sentiment has not yet fully stabilized.

If gold prices firmly establish themselves above $5050 and break through the $5100 resistance zone, they may further challenge the previous highs.

Key support for the day is at $4950.

A break below this level could trigger renewed technical selling pressure. In terms of momentum indicators, the Relative Strength Index (RSI) has fallen from overbought territory to neutral territory, indicating that the market is transitioning from extreme sentiment to equilibrium.

Overall, although gold prices have experienced a short-term pullback, medium-term support remains due to the continued rise in expectations of interest rate cuts. Short-term trading should focus on selling! Medium-term trading should continue to prioritize buying! Strategy: ( XAUUSD )

Sell: 4998-5002 TP: 4968-65 SL: 5018

Buy: 4948-51 TP: 4080-85 SL: 4935

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