Gold market analysis and trading signals for Feb 2rd, 2021

Gold went to 1870-1875 several times on Feb 1, 2 but it fails to break this zone to resume the long term up trend.

The 1870-1875 resistant zone

Gold has been choppy from 1840-1870 for many days, breaking the 1840-1870 will set a new trend for gold.

The 1840-1870 range

Gold is trading inside the gap 1848-1868 and it failed to break the 1868-1870. Gold will drop to test the 1848-1850 or 1838-1840 because the USD index is getting stronger.

Gold is waiting for Mr. Biden stimulus package which will the a catalyst to support gold to break the 1840-1870 range.

For short term gold signal, the 1868-1871 is a good zone to sell gold and the 1848-1850 is a short term support zone for gold buy.

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