RLinda ! GOLD-> The price is approaching the panic zone

Feb 23, 2023

Gold is succumbing to bearish pressure and fundamentals that are pushing the price into the panic zone.

Numerous attempts to retest the resistance area have been unsuccessful and the latest retest of the 50-hour moving average sends the price into the risk zone. Price is forming a descending triangle, indicating weakness in the buyers after the unexpected fundamental data.
The price does not show any hint of possible strengthening and continues to decline towards the support zone, forming a consolidation before a breakout. When the price enters the 1818-1822 area, volatility in the market could increase.

Based on the current situation. I expect a breakout of the 1822-1818 support zone and possibly a drop in price to the strong 1800 liquidity zone.
A price exit beyond the 1818 level could mark the beginning of a global bearish trend.

Regards, R. Linda!