GOLD Held Above the Key Short-term Support Level

XAUUSD Gold Traders
02-22 12:56

Technical Analysis:

Gold has firmly held above the key short-term support level of $5002.31, indicating a bullish near-term bias. It is poised to challenge the recent high of $5119.35 and the Fibonacci resistance at $5143.89. A break above $5143.89 could trigger an accelerated upward move.

Should the $5002.31 support level be breached, gold faces downside risks. Key support levels below are $4760.87 and $4744.34, with the 50-day moving average at $4705.42 also serving as a crucial support. This level typically attracts medium-to-long-term buying interest!

Gold is expected to maintain its upward trend at Monday's opening. Trading should focus on buy orders!

Strategy: If prices open higher and break through $5119-$5120, enter a Buy position with the trend!

For short-term pullbacks, consider entering a Buy near $5065 with a target at $5115!

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