Gold Daily Analysis : 03 February 2021

The daily analysis of gold on February 3, 2021 will discuss the movement of Gold is still in a limited area and tends to decline, this decline in Gold is due to the strengthening factor of the US Dollar. The strengthening of the US dollar is due to the great potential for the value of fiscal stimulus in the US which is smaller than the initial plan of US $1.9 trillion. The downward movement in gold prices has occurred since last Tuesday. The decline in the price of Silver also dragged the price of Gold down. The decrease in the price of Silver was due to a sell-off by market participants. Experts argue that the decline in gold prices is due to investors' profit-taking and the shift from safe havens to other risky assets such as stocks. This can be seen from the movement of stock prices in America when the market is open. This increase reflects the strength of the American stock market which began to rise from its fall some time ago. The US dollar weakened only in the Asian session on Wednesday, February 03, 2021, before the US Dollar movement strengthened. Market participants are waiting for the release of ADP Non-farm data which will be released later tonight at 20:15 WIB. On the other hand, regarding the uncertainty of the fiscal stimulus package for Covid-19 relief funds in the US, which was originally planned at US $1.9 trillion, it is likely that it will be launched nominal under the initial plan. In addition, the strengthening of the US Dollar is also due to optimism regarding the US economic recovery which is expected to be faster compared to other major countries. This is reflected in the fast and targeted implementation of vaccination, so that it will be able to help the US Dollar strengthen.

Gold Daily Analysis Prediction

Today's prediction on the EMAS pair is expected to continue the decline, and the recommended OP (Open Position) is SELL at the level of 1830.00, with a Target Profit (TP) of 5-10 points and a Stop Loss of 3-5 points.  This the analysis of the gold daily on February 03, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.