GOLD Analysis: Gold prices failed to rise again

Fundamental Analysis of GOLD

GOLD Key Takeaways

Russia-Ukraine conflict progress: The Ukrainian parliament supports Zelensky’s extension of his term, Musk continues to call for elections, and Zelensky plans to go to Washington on Friday to meet with Trump.

US economic data: US consumer confidence in February hit the largest single-month drop in more than three years, and pessimism about the future has returned. According to the Conference Board data, the consumer confidence index fell 7 points to 98.3 in February, and the expectations index fell 9.3 points to 72.9. This is the first time since June 2024 that the expectations index has fallen below the critical value of 80, which indicates an economic recession.

Technical Analysis of GOLD Daily and Hourly ChartsGOLD Daily Chart Insights

(GOLD Daily Price Chart, Source: Ultima Markets MT4)

Stochastic oscillator:The indicator is about to send a short signal in the overbought area, suggesting that the short-term bullish force has faded, and at the same time, it forms a top divergence pattern with the gold price, alerting the short-term adjustment and decline of gold.

Key support: Yesterday, the gold price fell rapidly, and was finally blocked by the purple 13-day moving average and the 2888.93 level. The market price is expected to continue to rise before it falls below this support level, otherwise the gold price will fall into a deep adjustment trend.

GOLD H1 Chart Analysis

(GOLD H1 Price Chart, Source: Ultima Markets MT4)

Stochastic oscillator: The indicator sends a long signal again below the 50 median line, which makes it clear that the long and short positions are still in the game stage during the Asian session, and the gold price will fluctuate and rebound.

Key price: The gold price rebounded strongly during the Asian session, but the upper 2944.54 is the stage high, and the gold price is still in a downward trend before it breaks through this price.

Pivot Indicator Insights for GOLD

(GOLD M30 Price Chart, Source: Ultima Markets APP)

According to Pivot Indicator in Ultima Markets APP, the central price of the day is established at 2905,

Bullish Scenario: Bullish sentiment prevails above 2905, first target 2934, second target 2944;

Bearish Outlook: In a bearish scenario below 2905, first target 2887, second target 2877.

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