Gold price consolidates above the support – Analysis - 02-01-2024

Gold price keeps its stability above 2065.70 level, and begins to provide slight positive trades now, hinting heading to resume the expected bullish trend on the intraday and short-term basis, which its targets begin by breaching 2092.75 to confirm the return to the main bullish channel again followed by rallying towards 2144.60 areas as a next main station.

The positive effect of the double bottom pattern still active, and the price gets good support by the EMA50, to continue suggest the bullish trend for the upcoming period unless breaking 2065.70 and holding below it.

The expected trading range for today is between 2055.00 support and 2090.00 resistance.

The expected trend for today: Bullish