Gold Forecast February 5-9, 2024
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| GOLD Forecast February 5-9, 2024 |
Cost of Gold Today
| Live Gold Price | Gold Spot Price Today |
|---|---|
| Gold Price per Gram | $65.26 |
| Gold Price per Kilo | $65,256 |
| Gold Price per Ounce(28.34 g) | $2,029.69 |
Gold Price Today : Convert Gold Ounce to US Dollar Or vice versa
Gold price chart in U.S. Dollar per ounce, Live gold price chart
Technical Analysis: Anticipating Weakness in Gold Prices
Technical analysis suggests a potential downturn in gold prices during the upcoming week. The four-hour time frame chart indicates a projected decline to the 1986 price level. Traders and investors should closely monitor this key support zone, as a breach could signal further bearish movement.
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| GOLD Forecast February 5-9, 2024 |
Weekly News Calendar: Influential Events Shaping Gold's Trajectory
- Monday, Feb 5:
No significant news is scheduled for this day, offering a potential calm before the storm. Traders should remain vigilant for unexpected market shifts.
- Tuesday, Feb 6:
4:30 am (AUD): Cash Rate
The Reserve Bank of Australia (RBA) Rate Statement may provide insights into future monetary policy decisions, impacting the Australian Dollar and, consequently, gold.
10:45 pm (NZD): Employment Change q/q and Unemployment Rate
New Zealand's employment data can influence market sentiment. Positive figures may strengthen the New Zealand Dollar, potentially exerting downward pressure on gold prices.
- Thursday, Feb 8:
2:30 pm (USD): Unemployment Claims
The U.S. Unemployment Claims report can significantly affect the dollar's value. A decrease in jobless claims might boost the dollar, potentially leading to a decline in gold prices.
- Friday, Feb 9:
2:30 am (CNY): CPI y/y
China's Consumer Price Index (CPI) year-on-year can impact gold prices, especially considering China's significant role in global trade. Inflationary concerns may influence market sentiment.
Navigating Gold's Path Amidst Market Forces
As we enter the trading week, gold investors and traders should remain vigilant, considering both technical signals and key economic events. The projected weakness in gold prices is reinforced by the absence of positive news for gold on Monday, potentially setting a bearish tone for the week.
The RBA Rate Statement, New Zealand's employment data, U.S. Unemployment Claims, and China's CPI are pivotal events that can shape gold's trajectory. Traders are advised to exercise caution, stay informed, and adjust their strategies based on market dynamics throughout the week. The delicate balance between technical indicators and fundamental news will likely determine the direction of gold prices in the days ahead.
Fore More Forecat and analysis on gold price : here
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