Gold Weekly Analysis for February 2024: Anticipating Continued Decline and Identifying Key Trading Zones

Gold price forecast February 2024

As we delve into the weekly analysis of gold prices for February 2024, it becomes apparent that the precious metal is navigating a challenging landscape. Traders and investors are closely monitoring various factors influencing the market, with the consensus pointing towards a continued downward trend in gold prices.

Gold price forecast February 2024

In this article, we will explore the anticipated trajectory of gold during February 2024, highlighting key support and resistance levels, and shedding light on potential trading opportunities.

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

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Gold price chart in U.S. Dollar per ounce, Live gold price chart

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Gold Weekly Analysis for February 2024

• Downward Trend Continuation on gold price :

The ongoing economic and geopolitical factors suggest that the downward pressure on gold prices is likely to persist. Factors such as interest rate hikes, a stronger US dollar, and reduced safe-haven demand are contributing to the bearish sentiment surrounding gold.

• Identifying the Supply Zone at 2033:

Technical analysis reveals that the 2033 price level is a significant area of supply. Traders should closely monitor this zone, as it presents a potential opportunity for short positions or profit-taking for those already positioned bearishly. A breach below this level could intensify selling pressure, driving gold prices lower.

• Targeting the Demand Zone at 2004:

Amidst the decline, the 2004 price level emerges as a critical demand zone. Investors looking for buying opportunities or considering closing short positions might find this area favorable. A bounce from this support level could signal a potential reversal or, at the very least, a temporary halt to the downward momentum.

• Conclusion Gold Weekly Analysis for February 2024 :

In conclusion, the weekly analysis for gold in February 2024 suggests a continuation of the bearish trend. Traders should remain vigilant, paying particular attention to the identified supply zone at 2033 and the demand zone at 2004. These key levels can serve as strategic entry and exit points for both short and long positions, respectively. As always, it is crucial for market participants to stay informed about evolving market dynamics and adjust their strategies accordingly.

More details on weekly Gold price forecast February 2024