Where Did You Gold? - An Upside Potential of $40 for the Gold Price

Kuala Lumpur 6:00 p.m. (GMT+8) - In the Asian market intraday, gold price maintaining the upward trend, the price of gold is now reported at around $1964 dollars per ounce.

The financial website, Economies.com wrote an article on Thursday to analyse the gold price movement today as follows:

gold prices are showing more bullish trends and are approaching the long-awaited target price of $1967.90 per ounce. 

By carefully observing the technical chart, we found that the gold price has completed the construction of a double bottom pattern. According to this pattern, the bullish gold price target can be aimed at $2008.80 per ounce. This means that if it breaks through $1967.90 per ounce, the price of gold is expected to rise further in the next few trading days.

Illustration photo of Gold H4 Chart from Economies.com

From the 4-hour chart, the EMA 50 indicator supports the current gold price level. It should be pointed out that once the price of gold drops below $1,934.86 per ounce, this will stop decline and gold price will turn into bearish outlook.

Economies.com predicts that today's gold price trading will be located between the support level of $1940.00 per ounce and the resistance level of $1990.00 per ounce.

Overall, the website predict that today's expected trend in gold prices is bullish.

Translated from the original article: https://www.24k99.com/2011/437...