Jakarta, CNBC Indonesia – World gold prices fell slightly in trading this morning. However, the price of the precious metal is still above US$ 1,800/troy ounce.
On Tuesday (7/9/2021) at 05:20 WIB, the world gold price on the spot market was recorded at US$ 1,822.09/troy ounce. Down 0.05% from the previous day’s position.
Although there is a correction, the gold price is actually in an uptrend. Silently, the price of this commodity has shot up more than 5% in the last month.
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Sumber: Refinitiv- – |
Looking ahead, it looks like the prospect of gold prices is still bright. Wang Tao, Commodity Analyst at Reuters, estimates that gold prices will continue to rise towards US$ 1,856/troy ounce.
“The strong movement on September 3 confirms that we are currently in wave 3. This wave could bring gold prices to US $ 1,856-1,904/troy ounce,” said Wang in his research.
 Source: Reuters-– |
According to Wang, the point resistance the nearest gold price is at US$ 1,833/troy ounce. It is likely that this point will be easily penetrated given the momentum bullish which has been formed.
while point support it’s at US$ 1,815/troy ounce. If it breaks, the price will drop further to US$ 1,807/troy ounce and may be a signal that the upward trend in price will reverse.
“Looking at the daily movement, this metal will be able to at least break through the price of US$ 1,828/troy ounce. This break will take it towards US$ 1,862/troy ounce. It is not even possible to reach US$ 1,916/troy ounce,” said Wang.
 Source: Reuters-– |
CNBC INDONESIA RESEARCH TEAM
(aji / aji)
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