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As of February 8, 2024, gold price persists in its oscillation around the EMA50. Notably, stochastic indicators are displaying a clear accumulation of positive momentum, hinting at a potential continuation of the upward trajectory towards the next major target at 2065.70.
Consequently, the intraday bullish trend remains our focal point, with a pivotal condition being the preservation of the 2016.90 support level. A breach of this level would prompt the price to undergo additional bearish correction, with a downward trajectory targeting 1977.46 before any resurgence.
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The anticipated trading range for the day is expected to fluctuate between the support level of 2020.00 and the resistance level of 2055.00.
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Projected Trend for Today: Bullish
