In the early Asian market, spot gold prices has slightly improved to $1,908.60 per ounce. On the latest gold price movement today, Economies.com wrote a brief analysis as follows:
If the gold price fails to break through the imperative resistance level of $1,908.60 per ounce, there is a possibility for it to see a drop of up to $40.
As mentioned in the same article, the gold price has attempted to break through the imperative resistance level $1,908.60, however, failed on Monday. This has formed a possible bearish trend in the short term period.
Illustration photo of Gold H4 Chart from Economies.com
The article pointed out, the EMA 50 signal is still pressuring the gold price as shown in the 4-hour chart, further consolidated their bearish expectation. Under the assumption of a bearish trend prospect, the next target has been set at $1,860.90 per ounce.
The financial site estimates $1,875 and $1,915 per ounce to be the short term support and resistance levels of the yellow metal respectively.
Translated from the original article: https://www.24k99.com/2010/433...