Gold Recovers, Here's the Next Target!
Gold rose on Wednesday in Asia (February 4th). Gold rose again and broke through $5,000/ounce after "buy the dip" buyers stepped in following the crash from record highs. At the start of the Asian session, gold rose 2.1% to around $5,048, while silver also strengthened.
Market participants believe that forced selling pressure is easing, but volatility remains high. Several banks remain confident that gold can continue to recover—Deutsche Bank still holds a target of $6,000/ounce. (asd)
The gold price at the time of this analysis was $5,034
- Buy if the price is at $5,042
- Sell if the price is at $4,921
Resistance 2: $5,161
Resistance 1: $5,132
Support 1: $4,891
Support 2: $4,861
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