Daily Outlook 22 FEB

Daily Outlook 22 FEB Friday

Short term outlook remains Bearish. Medium term outlook remains Neutral.

The price has retraced back into channel after finding support at 37112 level, which as well is a weekly support. Gold gained 0.53 % yesterday in daily basis which is the highest since beginning of February. As anticipated in past weeks, XAU has tested supports around level 37275. We are expecting a test of 36900 level in following trading sessions. A short position should be initiated in breach of this 36900 level as it is considered to be a level closely being watched by many fund managers and traders.

Key question for now that is to be answered is , is the current up move a consolidation or price has found a support and from here on will resume its uptrend ?? Got to wait and watch closely to find it's answer.

Happy Trading :)