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XAUUSD 2 Feb 2024

XAUUSD 2 Feb 2024 on the Daily timeframe, looks like gold is trying to get out of the kumo on the ichimoku indicator. After a long time of sideways moving between R1 and R2, this time gold looks to be experiencing a bullish that allows it to break through R2. This is also reinforced by the appearance of the chart on the stochastic indicator which also shows an increase towards level 80. If this commodity manages to continue to strengthen towards R2 and even break it, then go-long can be an option for traders. But, if the opposite happens and gold goes bearish after touching R2 then go-short is an option.

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