Baxia Markets
March 01, 2022

Gold retraces after reaching $1,974

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The precious metal lost almost 4% from the highest level reached on Thursday. The pair is currently finding support on the 38.2% Fibonacci retracement at $1,889 


The Bollinger bands are wide and volatility has been very high, we expect this level of volatility to continue in the upcoming trading sessions as investors are looking for safe-haven investments under current uncertain markets and fundamental situations around the globe.


Gold Feb 28th 2022


The relative strength index is back to 64% after being overbought for a few sessions, the pair might enter the overbought status again in the near future as more investors are looking to buy Gold as a safer investment, once the markets are more certain we will likely see the price fall, but it's hard to say when this could happen.


The moving averages spread continues increasing, suggesting that the upward trend will continue, price trades way above both MAs. We could see gold complete the breakout on the resistance in the short term.


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precious metals, commodities, trading conditions, technical analysis, trading indicator

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