Gold Price Presses on Key Support Level; Quick Daily Outlook
The gold price is trading negatively, with pressure on the key support level at $1,828.70 and attempts to break it, which warrants
Arslan Butt•Thursday, February 23, 2023•1 min read

The GOLD price is trading negatively, with pressure on the key support level at $1,828.70 and attempts to break it, which warrants caution in future trading. If the level is broken, the price could resume the bearish trend and potentially reach $1,788.20 as the next negative objective.
Stochastic provides clear positive signals that aim to push the price back up, while the EMA50 creates negative pressure against the price. This creates a conflict between technical factors, leading us to prefer waiting until the price confirms its situation relative to the $1,828.70 support and $1,844.30 resistance.

However, it should be noted that breaking through the indicated resistance level would allow the price to gain new ground and potentially travel directly to $1,878.80.
Today’s trading range is expected to be between 1810.00 support and 1845.00 resistance. As of now, the predicted trend for today is neutral.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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