• SILVER $27.86
  • GOLD $2371.22

Spot gold price may dip to $1,885-$1,847 range

February 03, 2023

Spot gold moving around support $1,914, waiting for Nonfarm Payrolls data for direction. Gold price is still holding above the $1,900 mark, after a sharp pullback from ten-month highs of $1,960.

Below $1,900 mark gold can visit $1,847, the bullish 50-Daily Moving Average(DMA). The 14-day Relative Strength Index (RSI) is inching higher above the midline, suggesting a slight recovery in the Gold price.

A break above $1,920 may lead to gain into $1,934-$1,935 supply zone and then $1,945-$1,960 range. Although the deep fall on Thursday suggesting reversal of uptrend for some time.

The pattern also indicates the formation of a temporary top. A target zone of $1,984-$2,004 has been aborted. It will be resumed when the metal cross $1,935.

Gold Technical Analysis 03 February 2023

« Back to News & Reports List