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Gold prices are breaching our expected target- Analysis-02-03-2026
Gold price surged at the beginning of the week’s trading on the intraday levels, breaching our previously expected target at the current resistance at $5,300, supported by the trading alongside minor bullish trend line on short-term basis, beside its stability above EMA50, which reinforced the strength of the bullish momentum.
This momentum has warning signs, as the relative strength indicators begin showing negative overlapping signals after reaching sharp overbought levels, which pushed the price to rebound and reduce some of its early gains, as a signal to begin short-term fluctuating move before completing the rise.
Therefore, we suggest a rise in gold price’s upcoming intraday trading, if it settles above $5,300, to target the next resistance at $5,500.
The expected trading range is between $5,250 support and $5,500 resistance.
Today’s forecast: Bullish
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