Kuala Lumpur 10 a.m. (GMT +8) - The gold price has slightly dropped and is currently trading at around $1,893 per ounce in the early Asian market. For the latest price movement today, Economies.com wrote a brief analysis as outlined below.
The gold price was affected by the uncertainty in the soon-to-happen U.S. election and it rose on Monday. The spot gold closed at $1,894.79 per ounce, increased $16.00, and hit a daily high at $1,895.77 per ounce.
As mentioned in the same article, gold price successfully broke through the level of $1,882 per ounce, and even shown the possibility of testing the $1,901.80 per ounce.
Illustration photo of Gold H4 Chart from Economies.com
Economies.com has pointed out, it is vital to pay attention once the gold price reaches $1,901.80. Given that it breaks through this level, the gold price may resume its bullish momentum, and the first target is set at $1,934.86 per ounce.
On the other hand, the financial site pointed out if the gold price fails in its bullish attempt, the pressure may push it back on a bearish track.
Translated from the original article: https://www.24k99.com/2011/436...
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