Breaking News

Gold Retreats Amid Vanishing Recessionary Fear

By Satendra SinghCommoditiesFeb 03, 2023 11:53AM ET

www.investing.com/analysis/gold-retreats-amid-vanishing-recessionary-fear-200634999

Gold Retreats Amid Vanishing Recessionary Fear

By Satendra Singh | Feb 03, 2023 11:53AM ET

Saved. See Saved Items.

This article has already been saved in your Saved Items

XAU/USD

-1.37%

Add to/Remove from Watchlist

Gold

-1.35%

Add to/Remove from Watchlist

In a piece I wrote on Jan. 28, I warned about growing hopes for retesting $2000 could lead to a fake breakout shortly to trap gold bulls as the retesting of $2000 seemed likely until the Federal Reserve gave its final verdict on Feb.1, 2023.

Once again, I explained the initial signs of exhaustion just before the interest rate decision on Feb. 1 in my last piece while gold futures were sustaining above 200 DMA in the 15-minute chart which was at $1938 on that day.

Finally, gold bulls hit $1975 soon after the interest rate decision and gold then started to slide on Feb. 2 as this sudden surge in gold prices attracted big bears to trigger a sell-off on Thursday and Friday, pushing gold futures below $1890.

Gold Futures 15-Minute Chart

Gold Futures 15-Minute Chart

This steep slide in gold futures indicates recessionary fear seems to be vanishing as economic data indicate further recovery is likely this year.

Undoubtedly, this weekly closing level will define the directional trend and could get further confirmation with the weekly opening levels on the first trading session of the upcoming week.

Gold Futures Weekly Chart

Gold Futures Weekly Chart

Technically speaking, in the weekly chart, gold futures could continue current exhaustion as the weekly candle for this week provides evidence for the likelihood of a steep slide in the coming weeks.

Undoubtedly, gold bears could try to test 200 DMA, currently at $1728.

Gold Futures Daily Chart

Gold Futures Daily Chart

In the daily chart, gold futures are trying to hold above the immediate support at $1878. Undoubtedly, a sustainable move below this could push gold futures to test $1790 -1780 levels.

I conclude if gold futures sustain below $1867, that could keep gold futures in a downtrend during the upcoming weeks amid wild price swings during this downtrend.

Disclaimer: The author of this analysis may or may not have any position in the Gold futures. Readers can take any long or short trading position at their own risk. Involved risk in trading needs to be taken care of before creating any trading call.

Related Articles

Barani Krishnan/Investing.com

Gold: Pop the $2,000 Champagne But Keep Another Chilled for that... By Barani Krishnan/Investing.com - Mar 21, 2023 6

Gold delivers fizz-worthy $2,000 high for bulls; record peak will likely take longer Upside momentum intact despite a drop from Monday’s one-year highs Fed in play on Wednesday...

The Energy Report: Gutsy Guarantee By Phil Flynn - Mar 21, 2023

Yahoo! We got through more than 24 hours without a bank failure and that put an upward tilt to oil that has been divorced from supply and demand fundamentals! Fears that First...

Alexander Kuptsikevich

Crude Oil Finds Support By Alexander Kuptsikevich - Mar 21, 2023

By the start of European trading on Monday, WTI had lost over 20% from its high of $80.96 on 7 March to a low of $64.36. The sell-off that intensified last week may well be giving...

Add a Comment

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:

Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
Only English comments will be allowed.
Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I have read Investing.com's comments guidelines and agree to the terms described.

Write your thoughts here

Are you sure you want to delete this chart?

Post also to:

Replace the attached chart with a new chart ?

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.

Comments (7)

Gul Mohammed Feb 06, 2023 9:08AM ET

Follow this post

Unfollow this post

Saved. See Saved Items.

This comment has already been saved in your Saved Items

Hi

0 0

Jai Shree Krishna Feb 05, 2023 7:35PM ET

Follow this post

Unfollow this post

Saved. See Saved Items.

This comment has already been saved in your Saved Items

After ruining NG Mr. Singh entered in Gold analysis. Beware retailers...

1 0

Jehad Najjar Feb 04, 2023 2:24AM ET

Follow this post

Unfollow this post

Saved. See Saved Items.

This comment has already been saved in your Saved Items

Try cryptoi don't know how you still analysing and they allow you

3 0

Feb 04, 2023 12:29AM ET

Follow this post

Unfollow this post

Saved. See Saved Items.

This comment has already been saved in your Saved Items

“In a piece I wrote on Jan. 28, I warned“ loool. Didn’t you warn the reversal trend up in NG a whole month as well?

3 0

Vivek Singh Feb 03, 2023 9:30PM ET

Follow this post

Unfollow this post

Saved. See Saved Items.

This comment has already been saved in your Saved Items

The fall in gold on Friday was because of monstrous NFP number, and not because of Fed decision. Please try to read some fundamental news besides doing technical.

6 0

CA Naveen Reddy pathuri Feb 03, 2023 1:09PM ET

Follow this post

Unfollow this post

Saved. See Saved Items.

This comment has already been saved in your Saved Items

natural gas over now your started gold?

4 0

Zaheer Khalfan Feb 03, 2023 12:59PM ET

Follow this post

Unfollow this post

Saved. See Saved Items.

This comment has already been saved in your Saved Items

Lol loser now switches to gold

5 2

<div id="comment">
				<div class="comment js-comment" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="217959528">
    <div class="mainComment js-content">
       <div class="commentInnerWrapper">
        <a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody">
                					<span class="commentUsername">
                    	<a href="{userLink}" class="js-user-link js-user-name">{username}</a>
					</span>
                                <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
                <div class="commentDropDown js-commentDropDownWrapper " data-user-id="217959528" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow js-option blockUser js-block-option" data-comment-id="{commentID}"  data-user-id="217959528" data-reg_ep="block user comments">
			<a href="javascript:void(0);">
				<span class="blockIcon middle"></span>Block User			</a>
		</div>
				<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>
                 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div>             </div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="commentBigChart js-comment-chart" onclick="openViewChartPopup('{commentID}')">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="217959528">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
	   </div>
	</div>
	</div>			</div>
			<div id="reply">
				
    <div class="commentReply js-comment js-comment-reply" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
		<div class="commentInnerWrapper"><a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody js-content">
            				<span class="commentUsername">
					<a href="{userLink}" class="commentUsername js-user-link js-user-name" onMouseOver="">{username}</a>
				</span>
                        <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
			 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div> 			<div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>

</div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="replyBigChart displayNone js-comment-chart">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
				<span id="commentSmallChart{commentID}" class="commentSmallChart pointer js-comment-chart" onclick="openViewChartPopup('{commentID}')">
                    <img src="https://d1-invdn-com.investing.com/comments_images/{commentImageSmall}" width="116" height="52" alt="{commentAlt}">
                    <span class="chartMagnifyOverlay displayNone"></span>
                    <span class="searchGlassIcon chartMagnify displayNone"></span>
                </span>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
		</div>
    </div>
			</div>
			<div id="show-more-comments">
				<a class="showMoreComments block">
					<span class="arial_12 showArrowafter">Show more comments (<span class="js-amount"></span>)</span>
				</a>
			</div>
			<div id="show-more-replies">
				<a class="showMoreReplies block">
					<span class="arial_12 showArrowafter">Show more replies (<span class="js-amount"></span>)</span>
				</a>
			</div>

Are you sure you want to delete this chart?

Replace the attached chart with a new chart ?

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

I feel that this comment is:

Spam

Offensive

Thank You!

Your report has been sent to our moderators for review

More Categories

1D1W1M6M1Y5YMax

	US 30	32,465.5	+220.9	+0.69%
	US 500	3,979.4	+27.8	+0.70%
	Dow Jones	32,465.07	+220.49	+0.68%
	S&P 500	3,980.50	+28.93	+0.73%
	Nasdaq	11,753.96	+78.42	+0.67%
	S&P 500 VIX	22.20	-1.95	-8.07%
	Dollar Index	102.770	-0.163	-0.16%

	Crude Oil WTI	68.98	+1.16	+1.71%
	Brent Oil	74.95	+1.16	+1.57%
	Natural Gas	2.162	-0.061	-2.74%
	Gold	1,955.95	-26.85	-1.35%
	Silver	22.490	-0.156	-0.69%
	Copper	3.9865	+0.0350	+0.89%
	US Soybeans	1,488.25	+2.25	+0.15%

	U.S. 10Y	3.564	+0.087	+2.50%
	U.S. 30Y	3.715	+0.053	+1.46%
	U.S. 5Y	3.7012	+0.1310	+3.68%
	U.S. 3M	4.7920	+0.1720	+3.72%
	US 10Y T-Note	114.41	-0.69	-0.60%
	Euro Bund	136.57	-1.25	-0.91%
	10-2 Yield Spread	-48.86	0.00	0.00%

	Apple	157.23	-0.17	-0.11%
	Alphabet A	102.53	+1.31	+1.29%
	Tesla	190.77	+7.52	+4.10%
	Amazon.com	98.83	+1.12	+1.15%
	Netflix	304.86	-0.27	-0.09%
	Meta Platforms	199.75	+1.95	+0.98%
	Bank of America	28.77	+1.01	+3.66%

Most Popular Articles

Wall St gains as bank contagion fears ebb, focus on Fed meet By Reuters - Mar 21, 2023 17

Fed meeting starts, Nike earnings, Xi in Moscow - what's moving... By Investing.com - Mar 21, 2023 10

Central bank rate bets send dollar, sterling lower By Reuters - Mar 21, 2023

U.S. stocks are rising as investors shake off bank fears and focus on... By Investing.com - Mar 21, 2023 7

5 analyst picks of the day: Meta upped to Outperform after layoffs |... By Investing.com - Mar 21, 2023 2

1 Stock to Buy, 1 Stock to Sell This Week: Nvidia, ExxonMobil By Jesse Cohen/Investing.com - Mar 19, 2023 23

Gold: Pop the $2,000 Champagne But Keep Another Chilled for that... By Barani Krishnan/Investing.com - Mar 21, 2023 6

Fed Likely to Raise Rates Again This Week, Indicate More on the Way By Michael Kramer - Mar 20, 2023 27

JPMorgan Stock Upgraded - 'Goliath Is Winning': 5 Big Analyst Calls |... By Garrett Cook - Mar 19, 2023 9

Commodities Week Ahead: Gold Tests $2,000, Oil Below $60 Without Quick... By Barani Krishnan/Investing.com - Mar 20, 2023 3

Central Banks Rates

	Central Banks		Interest Rates	Next Meeting
		FED	4.75%	Mar 22, 2023
		ECB	3.50%	May 04, 2023
		BOE	4.00%	Mar 23, 2023
		SNB	1.00%	Mar 23, 2023
		RBA	3.60%	Apr 04, 2023
		BOC	4.50%	Apr 12, 2023
		RBNZ	4.75%	May 24, 2023
		BOJ	-0.10%	Apr 28, 2023
		CBR	7.50%	Apr 28, 2023
		RBI	6.50%	Apr 03, 2023
		PBOC	3.65%
		BCB	13.75%	Mar 22, 2023