Where Did You Gold? -Gold May Drop Up to $65 If It Slides Below This Key Level

Kuala Lumpur 10 a.m. (GMT+8) - In the early Asian Market, gold price slightly fell to $1,875 per ounce. For the gold price movement today, the Economies.com wrote a brief analysis as follow:

The gold price saw a rise last Friday due to the suspension of the dollar’s ​​gains, apprehension of the surge of COVID-19 cases, and the uncertainty of the U.S. presidential election this week, which provided support for safe-haven metals.

As pointed out in the article, the gold price attempted to test the imperative resistance level at $1,882.40 per ounce on last Friday. However, if it remains below this level, this indicates a higher possibility of bearish trend in the short term.

Illustration photo of Gold H4 Chart from Economies.com

From the 4-hours chart, the RSI is showing a bearish signal. Besides that, the gold price trading below the EMA50 , which further support the bearish trend theory.

The financial site has set its target on $1,860.90 per ounce as its first target goal, once it falls below this level, the gold price may fall further to $1,794.85 per ounce.

Economies.com also added that the gold price remains below $1,882.40 per ounce is a key condition to achieving the target price they set as mentioned above.

Translated from the original article: https://www.24k99.com/2011/435...