Gold Short-Term Sudden Wave of Diving! Price Approaching $1925
In the early European market on Thursday, spot gold experienced a sudden and rapid decline in the short term, with the price approaching $1,925 per ounce. Economies.com, a well-known financial information website, published an article analyzing the technical outlook of gold for the day.
According to Economies.com, the 4-hour chart of gold shows that the stochastic indicator has lost its positive momentum, indicating a bearish bias and a potential fall to the next major target of $1,913.15 per ounce. The bearish view remains valid as gold prices continue to oscillate within a bearish channel. If the price falls below $1,913.15 per ounce, the bearish trend will likely continue to the area of $1,873.50 per ounce. However, if the price breaks through $1,945.20 per ounce, it could signal a halt to the expected decline and a potential return to a major bullish trend.
Economies.com expects gold prices to trade between support at $1,915.00 per ounce and resistance at $1,945.20 per ounce today. The expected trend for gold prices is bearish, according to the website.
At 16:42 Hong Kong time, spot gold was priced at $1,925.91 per ounce.
Source: FX168 Global Investment
Editor in charge: Zhao Lu RF13155
What price levels could confirm a bearish trend in gold and what price level could signal a potential return to a major bullish trend, according to Economies.com
Title: Standby for a Roller-Coaster Ride: Gold Takes a Short-Term Dive!
In a twist of events, the early European market witnessed a sudden, dramatic decline in the price of spot gold, bringing it closer to $1,925 per ounce. Renowned financial information website, Economies.com, has jumped in to analyze the technical outlook for gold in its latest article.
As per Economies.com, a glance at the 4-hour chart reveals that the stochastic indicator has lost its positive momentum, indicating a bearish inclination and possibly setting the stage for a plunge towards the next key target of $1,913.15 per ounce. The website asserts that this bearish sentiment holds true as gold continues to oscillate within a bearish channel. Should the price tumble below $1,913.15 per ounce, this bearish trend might extend to the $1,873.50 per ounce mark. However, all hope is not lost, as a breakthrough beyond $1,945.20 per ounce could signal a halt to the anticipated decline, initiating a potential return to a major bullish trend.
In today’s trading session, Economies.com predicts that gold will dance within a range of support at $1,915.00 per ounce and resistance at $1,945.20 per ounce. The website maintains a bearish outlook for gold prices in line with the prevailing market conditions.
At 16:42 Hong Kong time, spot gold was pegged at $1,925.91 per ounce.
Source: FX168 Global Investment
Editor in charge: Zhao Lu RF13155
This article provides valuable insights into the current Gold price analysis, highlighting a potential sudden dive towards $1925. It is crucial for investors to stay updated with the latest trading trends to make informed decisions.