Gold (XAUUSD) is  Eyeing a Stronger Trend

Market Analysis – February 1st

Gold is eyeing a stronger trend amid a slow impulse. Gold continues to show potential for a stronger trend as the yellow metal quietly spreads out and seeks a stronger purge. Despite selling influences, the buyers have demonstrated strong resilience this week. This is evident in their pursuit of higher prices, with gold rising to the key level of 2045.550.

Market Key Zones

Resistance Levels: 2153.400, 2091.820
Support Levels: 1860.710, 1808.390

XAUUSD Long Term: Bullish

The struggle for gold was seen around the important level of 2000.250, but the yellow metal has softened lower since the start of this month. However, it is now time for the buyers to take action. Although the buying momentum may not be strong in the market, the buyers have been on a longer-term trend since last year. The bullish trend continues to overwhelm the market.

If the buyers can maintain a strong grip and push back into the trend line, it presents a bullish opportunity for gold. Traders equipped with the best forex signals can potentially profit from this situation and bag more pips on gold. The Stochastic Oscillator still shows a green light for gold this week, indicating that the buyers are gradually posing a serious threat to the market.

Gold Short Term: Bullish

The MA Crossing has yet to provide a stronger grip on the market, but in the short time frame, the buyers are keeping hope high for a breakthrough. More breakthroughs are anticipated to be seen in the coming days.

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