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March 05, 2023A quick look at Friday: Gold spiked to $1,862.8 per ounce, gaining $22.3.
With regards to technical trend indicators, chart analysis show that Gold made an initial breakout above its 21 day Simple Moving Average at $1,849.33, a potential indicator of a newly emerging bullish phase. Crossed the $1,860 Fibonacci level, next level is at $1,875.44. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,877.32, thereby suggesting that Gold is becoming overvalued. Analysis of CME Gold's recent price action suggests Gold could be slowing down soon as it approaches resistance at $1,870.8. Of course, crossing it might suggest further gains are ahead.
Notwithstanding Gold's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Rallies can also be seen in other Metals, Silver jumps 2.32% Friday and closed at $20.9. Platinum moves up 2.15% Friday and closed at $963.2.
Gold hit a significant low of $1,623.3 around 5 months ago, but has since recovered 13.38%.
