Kuala Lumpur 10:10 a.m. (GMT+8) In the Asian market, the gold price has slightly increase and is currently trading at around $1867 per ounce. For the latest price movement today, Economies.com wrote a brief analysis as outlined below.
The gold price affected by the strengthening of the U.S. dollar and fell 1% on Wednesday. The spot gold closed at $1,864.45 per ounce, down $11.47 or 0.61%.
Economies.com mentioned that the gold price tried to slipped below $1,690.90 per ounce on Wednesday, but the price of gold has stayed above this level so far, which makes the bullish scenario for gold prices still valid in the short-term.
Economies.com pointed out that in the case of gold price continued its bullish trends, the first target level will be $1,901.80 per ounce. If gold price maintain at this level, the next target for gold prices will be $1,934.86 per ounce.
The website also added that if the gold price falls below $1,690.90 per ounce, this will stop the expected upward trend and push the gold price to fall further.
At 09:14 a.m. Hong Kong time, spot gold was reported at $1867.36.
Translated from the original article: https://www.24k99.com/2011/438...
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