Will markets turn to "Ashes" on Ash Wednesday?
Heads up: Federal Reserve Open Market Committee (FOMC), due out at 2:00 p.m. EST. Past FOMC minutes releases have moved markets.
"The stock index bulls have faded recently, including near-term price uptrends on the daily bar chart being negated to suggest near-term market tops are in place.
Technically, the gold futures bears have the slight overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close in April futures above solid resistance at last week's high of $1,881.60. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at this week's high of $1,856.40 and then at $1,870.90. First support is seen at this week's low of $1,839.00 and then at the February low of $1,827.70. Wyckoff's Market Rating: 4.5."
Edited by Rogerdodger, 22 February 2023 - 10:03 AM.