Where Did You Gold? Gold Price Soared to $1,880

Illustration photo of Gold Price H4 chart from Tradingview

In the early Asian market, the gold prices just broke through the $1,880 mark. News about the U.S. fiscal stimulus has encouraged gold price bulls.

As pointed out by Anil Panchal, an analyst at FXStreet on Tuesday, the gold price continues its rebound from $1,871, triggered by the market optimism as U.S. President Donald Trump signed the $900 billion COVID-19 relief bill.

He pointed out that unless the closing price of gold is lower than the $1,878 per ounce since Nov 30, the gold price will still target and move towards the $1,900 mark.

In addition, Panchal also predicted that the gold prices at $1,861.82, $1,850.06 and $1,830.79 will constitute intraday support respectively. Other than that, $1,892.85, $1912.12 and $1,923.88 will be the intraday resistance levels.

We believe that the gold price will be linger between the support level of $1861.82 and the resistance level of $1912.12. 

FOLLOWME XAU/USD Overall Sentiment (As of 11:20 p.m., Dec 29, 2020),

Short - 49.62%

Long - 50.38%

For information please refer to Anil Panchal.