[Where Did You Gold?] Daily Gold Price Analysis & Forecast

Source: Investing.com

Kuala Lumpur (GMT+8) - Asian market in early trading period, spot gold maintained a range of shocks, now reported near $1,900 U.S. per ounce, the highest intraday point hit $1,902.87 per ounce. Last week, due to the strong performance of the U.S. dollar and the looming prospect of the U.S. bailout bill before the election, the gold trend was suppressed. 

Spot gold halted the decline of the previous three trading days last Friday and remained above $1,900 for most of the day. Spot gold broke through $1910 twice and hit a daily high of $1913.82 before the U.S. market. However, it then turned down. In late trading, it pulled back from the previous gains and fell below the $1900 mark. It closed at $1,898.33. Spot gold was down 1.60% last week.

Analysts expectations:

George Gero, managing director of RBC Wealth Management said:

Although I am optimistic about gold, concerns about the possibility of a deeper recession in the United States and the global economy are increasing, which may limit the rise of gold. Gold prices may go higher, but as the news fluctuates back and forth, you will see more volatility.

Charlie Nedoss, senior market strategist at LaSalle Futures Group said:

The price of gold has not closed below the 100-day moving average. As long as you can hold it, you need to go long," he said. Nedoss added that the U.S. dollar seems to have also encountered some resistance and may face some technical selling pressure in the short term.\

Adrian Day, president and chief executive officer of Adrian Day Asset Management said:

he market has strong technical power because gold prices have continuously set higher lows and highs in the past three weeks. However, gold prices continue to provide good support in the environment of heightened political uncertainty before the November 3 election. Before the U.S. election, we are unlikely to see a sharp drop in the price of gold. There is too much purchasing power off the market and will eventually enter the market.

Darin Newsom, president of Darin Newsom Analysis said:

We have seen that the price of gold has been going up for three weeks, and now it seems that the market will have a turning point. Look at the daily price trend, there is absolutely no change, so I think gold is ready to collapse.

Translated and processed from the main article: https://www.24k99.com/2010/430...