Gold analysis 02.02.2022

Gold price shows some bearish tendency to test the pivotal support floor 1797.00, and keeps its stability above it until now, accompanied by the stochastic indicator reaching oversold areas, to support the chances of resuming positive trades and heading towards our awaited positive target at 1825.15.

Therefore, we will continue to suggest the bullish trend on the intraday term, noting that breaking 1797.00 will stop the expected rise and pressure the price to turn to the downside.

The expected trading range for today is between the support 1785.00 and the resistance 1820.00.

The forecast trend for today: bullish.