Kuala Lumpur 5:30 p.m. (GMT+8) - In the early European Market, the gold price has slightly increased and is currently trading around $1,870 per ounce. The market is still paying attention to the epidemic in Europe and the U.S. election.
For the price movement of gold today, Swissquote Bank wrote a brief analysis as follows:
Illustration photo of Gold Price H4 Chart from Investing.com
As mentioned in the article, the bullish momentum will be apparent today and the imperative support level is set at $1,865 per ounce.
If the gold price stays above $1,865 per ounce, it will continue on a bullish momentum with the next targets set at $1,884 and $1,898 per ounce.
On the other hand, if the gold price does not sustain above $1,865 per ounce, this will instead drag the gold price down to the first target level of $1,859 and the next will be $1,852 per ounce.
Rationale : The RSI indicator implies a rebound.
As a conclusion, $1,852 and $1,898 per ounce will constitute the short-term support and resistance to the gold prices, respectively.
Translated from the original article : https://www.24k99.com/2010/435...
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