Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Wednesday February 01 2023

On the 4-hour chart, it can be seen that this commodity asset is being held back by the Resistance level at 1930.52 so that in the near future it has the potential to depreciate to the level of 1900.38 where this has also been confirmed by the MA 10 which is below the MA 20 plus price movements inside the channel which go down indicated that the sellers were dominating the previous buyers. However, please pay attention if on the way down, this commodity asset suddenly reverses up and breaks the level of 1934.50, then it is very likely that the downward scenario described earlier will cancel itself.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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