Where Did You Gold? Gold is in a Challenging Situation, Next Mover: New Covid-19 Strain

Source: economies.com

The gold price is trading at around $1,863 during the early trading in Asian market on Wednesday.

The gold price fell on Tuesday after investors fleeing the market as a Covid-19 mutation found in the UK threatened more lockdowns across the Europe. Spot gold closed at $1,860.69, which down 0.86%, and hit the lowest intraday of $1,858.82.

On Tuesday, the gold price fell significantly to $1,852.80. Analyst expected that the gold price will resume its bullish trend in the next few trading days. It is still waiting for more confirmation of the gold price. Gold price must fallen below the support level of $1,852.80, or breaks the resistance of $1,875 in order to clarify the next trend for the gold price.

Analyst also pointed out that if the gold price falls below the support level of $1,852.80, this may push the gold price even further down. On the other hand, Gold price will move upwards once the gold price overcomes the resistance level of $1,875, and the next forecast target level is at $1,916.

By looking at the FOLLOWME Overall Sentiment (As of 10:10 a.m.), the overall sentiment of FOLLOWME traders in the XAU/USD leans slightly towards shot-selling with a ratio of 50.82% while the rest of 49.18% is long position.