Gold Price Forecast, February 2024 Analyzing Multiple Timeframes for Potential Corrections
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
Weekly Gold Timeframe: Bearish Correction Towards $1900
In the weekly timeframe, gold prices appear to be heading towards a bearish correction, targeting the $1900 level. This projection is based on a strategic combination of supply and demand analysis and the golden Fibonacci ratio of 61%. The price action suggests a retracement from recent highs, providing an opportunity for traders to capitalize on potential downward movements.
Four-Hour Gold Timeframe: Strong Bearish Momentum in Supply Zone
Zooming in to the four-hour timeframe, gold prices are observed within a robust supply zone, indicating a pronounced bearish momentum. The analysis suggests a substantial downward movement, aligning with the broader weekly correction. Traders may consider short-term positions to capitalize on the anticipated rapid descent within this timeframe.
Hourly Gold Timeframe: Reversal from $2035 Supply Zone
On the hourly gold price chart, a strong rebound is noted from the $2035 supply zone during the previous American trading session. This rebound signifies a potential reversal in the short term. Traders should closely monitor price actions and consider potential long positions if a sustained upward movement is confirmed, while remaining vigilant for signals of a reversal.
15-Minute Gold Timeframe: Brief Upside Correction Before Resuming Downtrend
In the 15-minute Gold Price timeframe, a mild upside correction is anticipated before the resumption of the downtrend towards the $2006 level. Traders may seize this temporary upward movement for quick gains but should exercise caution, as the overall trend suggests a continuation of the bearish trajectory.
Conclusion: Dynamic Strategies Across Timeframes o Gold Price
In conclusion, the gold market presents a dynamic landscape across different timeframes, providing opportunities for traders with varying risk appetites and investment horizons. From the weekly correction towards $1900, to the strong bearish momentum in the four-hour timeframe, the hourly reversal from the $2035 supply zone on gold price , and the anticipated 15-minute upside correction, investors can craft nuanced strategies based on their preferred timeframe and risk tolerance.
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