Where Did You Gold? Gold Price Bulls Approaching the $1920 Target

Illustration photo of Gold Price H4 Chart from fx168.com

In the early Asian market, the gold price rose rapidly and its currently approaching the $1,920 mark. As pointed out by Omkar Godbole, gold price hit the highest level since Nov 9 last year in the Asian market on Monday. Resistance level for gold price settles above $1,960 level.

He pointed out that gold price broke through the five months long downtrend channel. He said that unless the closing price of gold price is above $1,904 per ounce, it will form a bullish breakout and open the room for gold price to rise above $1,965 per ounce.

Besides that, the 14-days RSI has broken through the resistance level at $62.00 and rose to overbought level which indicates bulls for gold price. He also added that the trend of gold price turns to be bearish if the gold price falls below $1,857 per ounce.

FOLLOWME XAU/USD Overall Sentiment (As of 12:25 p.m., Jan 04, 2021),

Short - 44.96%

Long - 55.04%

For information please refer to Omkar Godbole.