A TECHNICAL UPDATE ON GOLD IN $DOLLAR TERMS-2.2.2026.

 

GOLD IN $DOLLAR TERMS

Open—5362.45--High---5450.42---Low—4679.43----Close---4879.52 on 30.1.2026. 

All-Time High:-$5595.51 made on 30.1.2026.

Recent Low:-$3887.03 made on 28.10.2025. 

Support:$4642.74/4549.77/4538.62/4500.34/4408.38/4381.21/4378.90/4378.26/4371.97/4353.35/4325.75/4325.47/4308/4275.25/4264.30/4244.81/4024.76/4005.55/3998.61/3929.37/3887.03.----- 

Resistance:5109.40/5595.51/5980//6023. 

(Bold and underlined figures are most important). 

It had a vertical rise for quite some time and as you are aware that vertical rise may have vertical fall too and the fear of it was always there and finally it happened on 30.1.2026 as it had a sharp fall wiping out the gains of last 9 days. It slipped into correction mode now therefore it has to be seen in the next few trading sessions that how correction culminates, so keep a watch on it. Please note that despite the sharp fall the long term uptrend is intact as of now. 

It is important to mention here that it is still above its most important & key support points of  $4549.77---4325.75---4325.47 for the year-2026 and as long as it stays above it on the closing basis chances of up-move will be alive in the year -2026. But break & sustained close below$4549.77(it came close to this intraday on 30.1.2026) will be an alert sign for going down further and finally break & sustained close below $4325.75---4325.47 may trigger fresh fall and can drag it down to $4275.24---4228.73, it may bounce back from any of the points but break & sustained below $4228.73 can drag it down to $4164.94---4080--3998.61—3887.03 or lower, please note that break below $4080(figure may change) may threaten the long term uptrend and in that case one should avoid long trade till correction completion or bottoming out sign strongly emerges. Similarly it may get back into good up-momentum track again once it moves above $4549.77 and sustain on the closing basis. 

Please note that it is in correction mode and how correction will culminate has to be seen in the next few days, but if it moves above $4895.69(PTP)(figure will be scaled down if it breaks $4679.52 intraday) and sustain on the closing basis then it could extend the up-move and the possible broad upside target or resistance points could be at $5049.43---5137.52---5245.60---5379.34---5412.31 it may correct at any of these points  and may resume the up move again or may halt the up-move for a while and move sideways, but if it moves above $5412.31 and sustain on the closing basis, then it could retest its all-time high of $5595.51 or may go beyond it also.

REMARKS: -- It is in the long term uptrend but into correction mode, therefore buy on decline can be considered cautiously and at the appropriate support points only and with strict stop losses. 

NOTE: - It is a technical assessment as of now, the technical interpretation changes with the price movement and time; therefore it has to be reviewed at regular intervals.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view. This is purely for educational purpose only. 

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.