On evaluating the movements of the on different time chart patterns since the beginning of this week, I observed that the surging selling pressure at the time when we are at a short distance from the final outcome from the meeting between diplomats from the U.S. and Iran, which is scheduled to take place at 10:00 am in Muscat on Friday (06:00 GMT), after reports earlier suggested the anticipated meeting was faltering amid disagreements over format and location.
On Tuesday, Iranian President Masoud Pezehkian wrote on social media that he has instructed the country’s foreign minister to “pursue fair and equitable negotiations”.
Washington confirmed that the US will take part in high-level talks with Iran in Oman instead of Turkiye as originally planned, according to a White House quoted by the Associated Press news agency.
Mediators from Qatar, Turkiye and Egypt have presented Iran and the US with a framework of key principles to be discussed in the talks, including a commitment by Iran to significantly limit its uranium enrichment,
Amid such a scenario, gold futures, after opening at $5,032.94, testing the day’s high at $5,041.76 and day’s low at $4,809.56, are trading at $4,908, indicating surging anxiety among the traders as the futures are trading at a pivotal point from where a jolting move could provide the next directional move after a few hours.
Undoubtedly, gold futures have experienced a reversal from the tested support on Jan.22, 2026, before the advent of a sharp upward move to test the record peak on Jan.29, 2026, but the follow-up selling spree, which started on Jan.30, pushed the futures to test the lows at $4,702.73 – a single-day fall of approximately 14.31%. Again, gold futures continue this slide in the next session on Feb.2, 2026, and tested a low at $4,021.36, despite testing the day’s high at $4,904.34, creating an indecisive candle.
On Feb.3, 2026, gold futures continued the technical bounce, which started on Feb.2, after testing the day’s low at $4,423.71; and tested the day’s high $5,024.22 before closing the day at $4,938.55 – a pivotal point where the gold futures are trying hold today.
Undoubtedly, prevailing indecisiveness among the gold bugs is extremely high before the final outcome of this meeting today. Need of the hour is to remain cautious and eye the final outcome closely, as the reactionary move could be one sided.
In conclusion, I find that the surging exhaustion looks evident enough to signaling a positive outcome from this meet today.
But we should remember that Friday’s session historically known for selling spree before the weekends.
Disclaimer: Readers are advised to take any position in gold at their own risk, as this analysis is based only on observations.
