Gold price faces temporary negative pressure – Forecast today - 02-04-2024

Gold Price Analysis

Gold price returns to rise after approaching the key support at 2222.86$. It needs to surpass the key resistance at 2260.00$ to reinforce the expectations of continuing the bullish trend within the bullish channel that appears on the chart. This supports the chances of targeting 2300.00$ as a next positive station.

We will continue to suggest the bullish trend for the upcoming period. However, breaking 2222.86$ followed by 2202.00$ levels will stop the bullish wave and push the price to start a bearish correction on the intraday basis.

Trading Range Forecast

The expected trading range for today is between 2235.00$ support and 2270.00$ resistance.

Trend forecast: Bullish