Where Did You Gold? Possible Soar of $20 in Gold Price

Kuala Lumpur 10:10 a.m. (GMT +8) - In the early Asian market, gold price rise moderately, gold price is now reported near $1813 per ounce. Economies.com wrote an article to analyse the gold price movement today as follows:

The gold price rose slightly on Thursday, and the surge in new cases of coronavirus infections around the world raised doubts about the rapid economic recovery and enhanced the attractiveness of gold. However, the positive news about the new Covid-19 vaccine still pressured the bulls, and the price of gold fell from its high as a result. Gold price closed at $1808.05 per ounce, the highest intraday hit $1817.85 per ounce.

Economies.com wrote in the article that the gold price rose on Thursday and once tested the key resistance of $1819.00 per ounce, and then fell from near this level, which makes the bearish trend scenario still valid. From the 4-hour chart, the EMA 50 indicator has formed bearish pressure on gold prices.

Economies.com said that with the gold outlook continuing to be bearish, the first target level of gold prices is at $1,794.84 per ounce. If it falls below this level, this will open the way for the price of gold to fall to the next target of $1765.00 per ounce.

The website also added that gold prices remain below $1819.00 per ounce and $1830.00 per ounce are key conditions for continuing to bearish expectations.

At 08:55 a.m. Kuala Lumpur time, spot gold was reported at $1813.05.

Translated from the original article: https://www.24k99.com/2011/443...