• PLATINUM $1026
  • SILVER $30.34
  • GOLD $2357.54

Spot gold rising toward $2,000 mark

February 02, 2023

Spot gold may rise into a range of $1,970-$1,978 per ounce. The 14-day Relative Strength Index (RSI) is probing the overbought territory, suggesting that further upside remains in place for the bright metal.

The uptrend still in strong momentum and is likely to rise into a target zone of $1,963 - $2,005. Gold price eyes acceptance above the $1,960 supply zone to initiate a fresh uptrend. Gold price needs to find acceptance above the immediate resistance near the $1,960 level in order to initiate a sustained uptrend toward the April 2022 high just shy of the $2,000 mark.

Support is at $1942, a break below may deal a drop into a range of $1,905-$1,935.

Gold Technical Analysis 02 February 2023

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