Gold prices weakened after hitting an important resistance level
Updated
Although gold prices increased slightly yesterday, they adjusted back down early this morning.
Gold prices continued to recover during the session on February 20, approaching the resistance level at $2,030. However, this morning the gold price had a slight correction and is currently trading around the construction level of $2,026. Gold's rise is currently being blocked by market expectations that the Fed will continue to keep interest rates unchanged in the near future.
On frame D1, the RSI index rebounded strongly to 50, strengthening the short-term recovery momentum. Immediate resistance is the 21-day MA at $2,023, then the 50-day MA at $2,033. Breaking these resistances will attract more buying pressure, with buyers targeting the February 7 peak at $2,044 and key resistance at $2,050.
On the contrary, if gold prices fall beyond Monday's session low near $2,011, the decline could extend to $2,005 and the 100-day MA at $2,000.
Gold prices continued to recover during the session on February 20, approaching the resistance level at $2,030. However, this morning the gold price had a slight correction and is currently trading around the construction level of $2,026. Gold's rise is currently being blocked by market expectations that the Fed will continue to keep interest rates unchanged in the near future.
On frame D1, the RSI index rebounded strongly to 50, strengthening the short-term recovery momentum. Immediate resistance is the 21-day MA at $2,023, then the 50-day MA at $2,033. Breaking these resistances will attract more buying pressure, with buyers targeting the February 7 peak at $2,044 and key resistance at $2,050.
On the contrary, if gold prices fall beyond Monday's session low near $2,011, the decline could extend to $2,005 and the 100-day MA at $2,000.
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