Weekly Gold Analysis: February 5-9, 2024 - Anticipating Weakness and 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 |
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
Market Overview:
As we enter the trading week of February 5-9, 2024, gold prices are under the spotlight, with market participants evaluating various factors that may influence its trajectory. The focus remains on the dynamics between gold and the US Dollar, which often play a significant role in determining price movements.
Technical Analysis and Trading Strategy on gold price :
Anticipated Weakness:
The technical analysis suggests a prevailing weakness in gold prices against the US Dollar.
Market indicators signal a potential decline, forming the basis for the current bearish outlook.
Selling Opportunity on gold price - Supply Zone (2026):
Traders may consider initiating short positions from the identified supply zone at 2026.
This area is marked as a potential resistance level, providing an opportunity to capitalize on a downward price movement.
Risk Management on gold trade :
Stop-Loss Order (2045): To mitigate potential losses, a stop-loss order is strategically placed at 2045.
This level is chosen to allow for a buffer against market volatility while maintaining risk control.
Take Profit on gold trade - Demand Zone (1982):
Profit targets are set at the demand zone around the $1982 price level on gold price.
This zone is identified as a potential support level, offering an exit point for traders looking to secure gains.
More gold price forecast click here
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