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01.02.202115:04 Forex Analysis & Reviews: Gold Price Analysis, 1 February 2021

Gold prices appear to be uninspired by silver's rally however. Technically, the prices continue to range between $1,810-1,870 and waiting for fresh catalysts. Breaking above $1,874 will likely allow further upside potential with an eye on $1,908 (61.8% Fibonacci retracement). MACD is hovering around the centreline, reflecting a lack of price direction.

Exchange Rates 01.02.2021 analysis

A decisive close above that resistance trendline is required to keep the bulls in play. If the precious metal finds enough buyers to pierce the $1,874 level, the door would open for the 50% Fibonacci of $1,920. Higher, the 61.8% Fibonacci of $1,955 could be a heavier burden, a break of which would push the price out of the neutral structure, and towards the key $2,000 mark.

In the event of a downside reversal, the supportive trendline stretched from the March lows, could provide another opportunity for a rebound with the help of the 23.6% Fibonacci of $1,837. If it fails to do so, selling pressure could strengthen towards the $1,825 barrier.

*Analisis pasar yang diposting disini dimaksudkan untuk meningkatkan pengetahuan Anda namun tidak untuk memberi instruksi trading.

Jan Novotny,
Analytical expert of InstaSpot
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