Illustration photo of Gold Price H4 Chart from Economies.com
In the early Asian market, the gold price rose slightly, and the price is now at around $1,881 per ounce.
On Tuesday, as the U.S. dollar weakened while the gold price closed higher. To be exact, the gold price closed at $1,878.04 per ounce, rose $4.50 or 0.24% and the highest intraday even reached $1,886.35.
As cited by Economies.com, the gold price shows some bullish bias and tries to stay away from the support line of the bullish channel, supports the continuation of the expected bullish trend scenario for today.
Besides, it was noted that the stochastic indicator shows a positive signal, which supports bullish expectations. It seems that the market is seeking to test the next major target of $1905.00 of the precious yellow metal.
We believe the gold price will continue its upward momentum as long as it remains above the key level of $1870.00. In addition, it is likely to linger between the range of $1865.00 (support) and $1905.00 (resistance) today.
FOLLOWME XAU/USD Overall Sentiment (As of 10:40 a.m., Dec 30, 2020),
Short - 50.81%
Long - 49.19%
Source: Economies.com
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