Gold Price Forecast Today February 2024
Gold price today 4 february 2024 incurred strong losses to surpass our extended target of 1800.00 and pave the way for a continuation of the decline during the coming period, and we expect to head towards 1765.00 as a next main target, noting that the continuation of the bearish wave requires stability below 1820.00 FOR TODAY 4 february 2024 look to sell Gold price
Gold Price Forecast Today
Gold prices today 4 february 2024 continue to gradually crawl to the downside within the expected bearish context, in which we relied on confirming the breach of the 1851 level, approaching our third awaited target of 1817, to record its lowest price during early trading for the current session 1822.
Gold Price Forecast on weekly
On the technical analysis side for Gold Price , today 4 february 2024 , with the continuation of the negative pressure coming from the 50-day moving average, which meets around the resistance level of 1837 and adds more strength, in addition to the continued defense of the RSI indicator on the downside. From here, we will maintain our negative expectations, continuing towards 1817 following official stations, and we must monitor price behavior in case the required level is touched, because breaking it forces the price to continue declining towards 1806 and 1800 official targets, respectively.so look to sell gold price for the next days
Gold Price Forecast next week
From the top, the return of trading to stability above 1851, the previously broken support and converted to the 23.60% correction resistance level, delays the chances of a reversal, and we may witness an upside corrective path targeting 1871 so look to sell Gold Price
so for this analaysis for gold price In general, we will continue favoring the downside, unless we witness any trading above 1871 and a 38.20% correction.
Gold Price Forecast this week
Gold Price Analysis Today February 2024
Negative trading dominated the Gold Prie yesterday 3 february 2021, after it found a strong resistance level near 1865, which forced it to re-test the 1838 support level.
Gold Price Forecast today
On the technical side, today February 2024 , we find the RSI trying to provide bullish signs of a rebound on short time frames, supported by the continuation of the price obtaining a positive stimulus from the 5-day moving average, which is still carrying the price from below, and this contradicts the stochastic losing bullish momentum.so look to sell gold price for the next days
With the conflict of technical signals for gold price today 4 february 2024, in addition to the decline of trades from the bottom above 1838 and from the top below 1865, we will stand on the fence for the second session in a row in order to obtain a high quality deal, so we are facing one of the following scenarios:
Gold Price Forecast this week
Activating short positions requires that we witness a clear breakout and stabilize the price below 1851, Fibonacci retracement, 23.60%, targeting 1847 and then 1838 respectively.
The activation of long positions depends on confirming the breach of 1865, which is a catalyst that enhances the chances of a rally towards 1872, a correcti
on of 38.20%, a first target, and then 1878 stations. Warning: Eye audits required.
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