Kuala Lumpur 10:10 a.m. (GMT+8) In the Asian market, gold price basically stable, the gold price is now slightly above the $1890 per ounce mark. For the latest price movement today, Economies.com wrote a brief analysis as outlined below.
Even though Moderna became the second drugmaker to announce that the vaccine test results are valid, investors considered the recent surge in Covid-19 virus cases and bet that the government will introduce further economic measurements, gold prices rebounded sharply from lows on Monday. Spot gold closed at US$1888.76 per ounce, and the lowest intraday hit $1,864.89 per ounce.
Economies.com wrote in the article that the gold price faced short-term strong bearish pressure on Monday and hit $1,865.00 per ounce. But then gold prices quickly rebounded and closed near $1890.00 per ounce.
Economies.com stated that if the price of gold remains above the level of $1890.00 per ounce, the bullish trend scenario will be effective for some time in the future. In this case, the next target of gold price is $1,934.86 per ounce.
The website also predicts that US$1875.00 per ounce and $1920.00 per ounce will constitute short-term support and resistance to gold prices, respectively.
At 09:35 a.m. Kuala Lumpur time, gold price was reported at $1,890.72 per ounce.
Translated from the original article: https://www.24k99.com/2011/440...
Edited 17 Nov 2020, 10:10
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