[Where Did You Gold?] Be Careful! If It Drops Below This Level, Gold May Fall Sharply By $20.
Kuala Lumpur 9:30 a.m.(GMT+8) - In the early Asian market, spot gold prices has been falling moderately to the level around $1,902 per ounce. The latest article by the well-known financial website, Economies.com pointed out that the gold price has been fallen around 1.05% on Thursday dragged by the strengthening of the U.S. dollar and growing doubts about the economic Stimulus before the U.S. presidential election.
The financial site also said the yellow metal price has reached the first target at $1,901.80 per ounce and if it breaks through this support level, the bearish momentum will likely surge.
Illustration photo of Gold H4 Chart from Economies.com
As pointed out, if the gold price breaks through the support level of $1,901.80 per ounce, we believe that it will continue on a bearish momentum. The next target is set at $1,880.00 per ounce and $1,860.90.
On the other hand, if the gold price can sustain the $1,901.80 per ounce level, this will ignite the rebound of the gold price and the first target is set at $1,934.86 per ounce.
As a conclusion, the levels of $1,880.00 per ounce and $1,934.86 per ounce will constitute the short-term support and resistance to the gold prices, respectively.
Translated and processed from the main article: https://www.24k99.com/2010/432...
Edited 23 Oct 2020, 10:52
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