What Next ??? - February 3, 2025

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Gold prices could fall $2752 to $2715 and Silver up to $30.18 to $28.95
-Praatap Kolagatla, MD, sQuareindia Advisory


Gold :  

15 analysts responded this week, 8 see prices up, while 7 see prices down, and 0 see prices unchanged. especially Trading range will be between $2732-$2825 levels.

S1:2770 S2:2753 S3:2732
R1:2792 R2:2809 R3:2825

Silver :  

Silver Prices remain volatile, but the tone toward the metal remains high, especially Trading range will be between $29.13-$32.38 levels.

S1:30.59 S2:29.95 S3:29.13
R1:31.37 R2:31.85 R3:32.38

Crude :  

15 of 10 analysts, forecast Crude Oil will rise in next week. 0 respondents predicted that futures will be little changed and 5 said the contract will fall.

S1:73.10 S2:71.86 S3:70.28
R1:75.95 R2:.76.83 R3:77.74

MCX Gold APR :  

Now support for the Gold is seen at 81805 and below could see a test of 81050-79480. Resistance is now likely to be seen at 82695 a move above could see prices testing 83010-83955.

S1:81805 S2:81050 S3:79480
R1:82695 R2:83010 R3:83955

MCX Silver MAR :  

Now support for the silver is seen at 91555 and below could see a test of 90285-88290. Resistance is now likely to be seen at 93600 a move above could see prices testing 94550-95950.

S1:91555 S2:90285 S3:88290
R1:93600 R2:94550 R3:95950

MCX Crude Oil FEB :  

Now support for the Crude is seen at 6310 and below could see a test of 6280-6035. Resistance is now likely to be seen at, 6658 a move above could see prices testing 6798-6980

S1:6310 S2:6280 S3:6035
R1:6658 R2:6798 R3:6980



FEB 3rd :

Final Manufacturing PMI :
Previous: 50.1 Forecast: 50.1
Actual > Forecast is good for Dollar

FEB 3rd :

ISM Manufacturing PMI :
Previous: 49.3 Forecast: 49.3
Actual > Forecast good for Dollar

FEB 3rd :

ISM Manufacturing Prices :
Previous: 52.5 Forecast: 52.6
Actual > Forecast is good for Dollar

FEB 4th :

JOLTS Job Openings :
Previous:  8.10 Forecast: 7.88
Actual > Forecast is good for Dollar

FEB 5th :

ADP Non-Farm Employment Change :
Previous: 122K Forecast: 149K
Actual > Forecast is good for Dollar

FEB 5th :

ISM Services PMI :
Previous: 52.8 Forecast: 54.5
Actual > Forecast good for Dollar

FEB 6th :

Unemployment Claims :
Previous: 207k Forecast: 214k
Actual < Forecast is good for Dollar

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