Where Did You Gold? - The Gold Price Outlook Remains Bullish, If It Remains Above $1,864.
Source: Investing.com
In the early European market, gold price reduced its intraday gains. The gold price is now at around $1,885 per ounce. In the Asia market, it once exceeded $1,900 per ounce.
On December 27, local time, the White House issued a statement stating that President Trump had signed the economic stimulus relief (900 billion U.S. dollars) with a total scale of 2.3 trillion US dollars and the 2021 fiscal year budget (1.4 trillion U.S. dollars). Affected by the news, the price of gold rose sharply in the Asian market, reaching a maximum of $1,900.19 per ounce.
As cited by Economies.com, the gold price near term outlook remains bullish as long as it remains above $1,864.00 per ounce.
In addition, it was noted that the gold price projected an upward trend earlier today, and even touched the $1,900.00 per ounce, which is in line with the bullish outlook as cited above. The first target is set at $1,906.00, and the higher target is set at $1,928.60.
We believe that the gold price will linger between the support level of $1864.00 and the resistance level of $1905.00.
FOLLOWME XAU/USD Overall Sentiment (As of 17:04 p.m., Dec 28, 2020),
Short - 49.37%
Long - 50.63%
Source: Original article.
Edited 28 Dec 2020, 17:37
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