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Original title: Gold’s Ultimate Trend Analysis: As long as it can’t break this key resistance Gold priceThere is still room to drop nearly $ 20
Financial News FX168 (Hong Kong) News Friday (Nov 27) The Asian market in early trading, spot gold has risen moderately and is now said to be approaching $ 1813 an ounce. The well-known financial site Economies.com wrote an article to analyze the trend in the price of gold.
The price of gold rose slightly on Thursday, and the rise of new coronavirus infection cases around the world raised doubts about the rapid economic recovery and reinforced gold’s appeal as a safe haven. However, the positive news about the new corona vaccine still put pressure on the bulls and as a result the gold price dropped from its high. Spot gold closed at $ 1,808.05 an ounce, the intraday high of $ 1,817.85 an ounce.
Economies.com wrote in the article that the price of gold rose on Thursday and once tested the key resistance of $ 1819.00 per ounce, and then dropped close to this level, which still makes the trend scenario valid. bearish.From the 4-hour chart, the 50 EMA indicator has formed bearish pressure on the price of gold.
(Source of the 4-hour spot gold chart: Economies.com)
Economies.com said that with the gold outlook continuing to be bearish, the prime target for gold prices is at $ 1,794.84 per ounce. If it falls below this level, it will pave the way for the next target of $ 1765.00 per ounce.
Economies.com added that gold prices remain below US $ 1819.00 / ounce and US $ 1830.00 / ounce are key conditions to continue holding bearish expectations.
At 08:55 Hong Kong time, spot gold was reported at 1813.05.
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