Gold Reversal, But Gains Limited!
Gold rebounded on Tuesday in Asia (February 3) after two days of sharp declines, helped by the US dollar, which began to weaken from its weekly peak. However, gold's upside remains limited as the market believes Kevin Warsh's nomination and strong US economic data can prevent further dollar weakness.
At the same time, easing geopolitical tensions and risk-on sentiment have weakened demand for safe havens, while tightening margins on precious metals contracts has added to caution. The market is now awaiting the next US employment data to determine the next direction for gold. (asd)
The gold price at the time of this analysis was $4,885
- Buy if the price is at $4,870
- Sell if the price is at $4,679
Resistance 2: $5,149
Resistance 1: $4,958
Support 1: $4,576
Support 2: $4,385
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id