Kuala Lumpur 10 a.m. (GMT+8) - In the early Asian Market, gold price slightly fell to $1,875 per ounce. For the gold price movement today, the Economies.com wrote a brief analysis as follow:
The gold price saw a rise last Friday due to the suspension of the dollar’s gains, apprehension of the surge of COVID-19 cases, and the uncertainty of the U.S. presidential election this week, which provided support for safe-haven metals.
As pointed out in the article, the gold price attempted to test the imperative resistance level at $1,882.40 per ounce on last Friday. However, if it remains below this level, this indicates a higher possibility of bearish trend in the short term.
Illustration photo of Gold H4 Chart from Economies.com
From the 4-hours chart, the RSI is showing a bearish signal. Besides that, the gold price trading below the EMA50 , which further support the bearish trend theory.
The financial site has set its target on $1,860.90 per ounce as its first target goal, once it falls below this level, the gold price may fall further to $1,794.85 per ounce.
Economies.com also added that the gold price remains below $1,882.40 per ounce is a key condition to achieving the target price they set as mentioned above.
Translated from the original article: https://www.24k99.com/2011/435...
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