Gold markets have plunged during the month of February, suggesting that perhaps the US dollar is trying to claw back in strength. Get the forecast for March2023 here
Toward the end of the month of February, we are approaching the 50% Fibonacci level of the huge move that we had seen over the last 6 months or so.The $2000 level looks to be a major ceiling in the market and will more likely than not get broken anytime soon. That does not necessarily mean that the market is going to melt down, but I would not be surprised at all to see the $1750 level tested during the month.
This will be especially true if interest rates in America continue to climb, and of course the US dollar starts the strength and as a result. If we do turn around, the $1868 level is an area that I’m paying close attention to, as we had quite a bit of noise on the daily chart that could come into the picture.We informed several inverted hammers in a row at the $1900 level on the way down, showing that there is real selling pressure.
Regardless, I do think this is a situation where you have a lot of noisy behavior, so therefore I think you probably have further to go to the downside before we see some type of attempted recovery. The 61.8% Fibonacci level comes into the picture near the $1750 level, so I do think that it could be a potential area of interest. You will probably have most moves in the increments of 2 or 3 days at a time, you aren’t going to have huge moves one way or the other as long as the market participants continue to see so much noise in the bond market. T
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