Kuala Lumpur 10:35 a.m. (GMT +8) - In the Asian market, gold price it is now reported to be around US$1829 per ounce. Economies.com wrote an article to analyse the gold price movement today as follows:
As the possibility of the U.S. launching a coronavirus rescue plan enhanced its attractiveness as a hedge against inflation risks and pushed the US dollar to a multi-year low, the price of gold closed on Wednesday near more than one-week high. Gold price closed at $1830.71 per ounce, up $15.72 or 0.87%.
Economies.com wrote in the article that the gold price returned to an upward trend after retesting the $1818.00 per ounce level in the previous trading days, which makes the bullish trend scenario still valid for some time to come.
Economies.com pointed out that from the 4-hour chart, gold prices are trading above the EMA 50 indicator, which supports bullish expectations.
The website also added that as long as the price of gold remains above $1818.00 per ounce, the outlook continues to be bullish, and the next target for the price of gold is $1838.10 per ounce.
At 09:18 a.m. Kuala Lumpur time, spot gold was quoted at $1,28.95 per ounce.
Translated from the original article: https://www.24k99.com/2012/445...
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