Where Did You Gold? Possible Bearish for Gold Price if it Fall Below Key Support

Kuala Lumpur 10:00 a.m. (GMT +8) In the Asian market, gold price slightly up, the gold price is now reported to be around $1837 per ounce. Economies.com wrote an article to analyse the gold price movement today as follows:

The overall optimism triggered by the coronavirus vaccine continued, weakening safe-haven buying, and gold price closed lower on Thursday. In addition, the gold price failed to break through the resistance level of $1850, which also triggered selling. Spot gold closed at $1836.30 per ounce, down $3.10 0.17%, the highest intraday hit $18499.96 per ounce.

Economies.com wrote in the article that the gold price broke through $1838.00 per ounce on Thursday and is close to the first bullish target of $1850.00 per ounce. Then the gold price fell back and tested the key support of $1833.00 per ounce.

According to the website, once it is confirmed that gold price has fallen below the $1833.00 per ounce support, the outlook for gold prices will turn bearish.

The website also stated that it will maintain a neutral position until the gold price confirms that it has fallen below the above support, or breaks through the resistance of $1838.00 per ounce and $1850.00 per ounce to clarify the next target.

At 09::04 Kuala Lumpur time, spot gold was quoted at $1837.42 per ounce.

Translated from the original article:https://www.24k99.com/2012/447...