Kuala Lumpur 6 p.m. (GMT +8) - In the early European market, after gold fell slightly to the lowest point of $1,936 per ounce today at noon, then it slowly recovered. Gold is currently trading at around $1,947 per ounce. Economies.com wrote an article to analyse the gold price movement today as follows:
Gold price closed above the level of $1,934.86 per ounce yesterday, this paved the way for gold price to further rise in the short term. Gold may reach to the next bullish target of $1,967.90 per ounce.
In addition, it is critical to note that the gold price has achieved a double bottom pattern today. Once it breaks through $1,967.90 per ounce, we expect it to reach $2,008.80 per ounce.
Illustration photo of Gold H4 Chart from investing.com
The website is also positive that the gold price will rise further over the next few trading days. At present, they are waiting for it to gain positive momentum, before making its way to the target position.
However, if the price falls below $1,934.86 and remains below this level, this will put gold price under bearish pressure and it will fall to a first target level set at $1,901.80.
On top of that, Economies.com also predicts that the gold price will linger between the support level of $1,910 per ounce and the resistance level of $1,970.00 per ounce for today.
Translated from the original article:https://www.24k99.com/2011/437...
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