Selling Opportunity in XAU/USD (Spot Gold) - Wed, Feb 8, 2023, 14:55pm. Sell Order Cancelled Fri, Feb 10, 14:36pm.

Chart XAUUSD, H4, 2023.02.08 06:56 UTC, Tradeview, Ltd., MetaTrader 4, Real

The almost $100 "collapse" in gold prices late last week right after the BoE and ECB rate hikes last Thursday suggested that the 3-month rally in gold since the November 3 low of $1,616.62 was over-stretched and was ripe for a correction.

Over all, gold still is in a bull market. The decline from last Thursday's high of $1,959.74 is seen as a correction and nothing else. In this respect, there is a possibility we may see this correction lasting into April and has the potential to target the pivot line (see red horizontal line in chart) at $1,824.50 - at a minimum.

Should we get a rally attempt in the near term into the 50% retracement of the decline from $1,959.74 to this Monday's low of $1,860.02 at $1,909.88, a selling opportunity may present itself.


Sell Limit @ $1,1909.50. Order Cancelled Fri Feb 10, 14:36pm.

Stop @ $1,960.00

Target @ $1,825.00.