Gold Price forecast today 4 February 2024
Gold Price suffered big losses during the previous trading session within the expected bearish path, confirming that the breach of 1851 increases and accelerates the strength of the bearish trend in today 3 february 2024 . heading for touching our official target of 1828.
Gold Price forecast today 4 February 2024
On the technical side today 3 february 2024, and by looking at the 240-minute interval chart, with the price stabilizing below the previously broken support level of 1851, the 23.60% Fibonacci retracement,and vwap and moving average. we also find the stochastic indicator providing negative signs that motivate the price to further decline.
Gold Price forecast today
From here, the downside scenario will remain valid and effective for the next day 4 february 2024, noting that trading below 1828 will facilitate the task required to visit 1817, a next official station, whose descending targets may extend to 1810.so think to sell Gold Price in the next day
Going over to the upside and rising again above 1852 and most importantly 1860 postpones the chances of retreat, but does not eliminate them, and we witness a re-test of 1872 before continuing to decline again.this the prediction for gold price for the next day and for the next week.
Gold Price forecast and analysis
The yellow metal gold price started their first weekly trading on a slight upward bias in today 4 february 2024 , benefiting from building on the ground of the support 1851, which is near its highest level during the early trading of the current session around 1861.
On the technical side, today the 50 day moving average is providing a positive catalyst, accompanied by positive signs coming from the RSI and the other technical analysis tools.
On the other hand, we find negative crossover signs that started appearing on the stochastic, coinciding with the continuation of trading in general below 1871.so look to sell gold price for the next week and next day.
Gold Price forecast on weekly
We tend to be negative in our trading with the price remaining below 1872, Fibonacci retracement of 38.20%, taking into account that confirming the breach of 1851, a correction of 23.60%, facilitates the task required to visit 1838 and then 1828 an official next stop.and look to sell gold price.
Trading again above 1872 nullifies the activation of the bearish scenario completely, and we are witnessing positive trades whose first goal is to re-test 1878.
Weekly Gold Forecast 1,5 February 2021 by FxForecast24 on TradingView.com
Post a Comment