Kuala Lumpur 10:00 a.m. (GMT+8) In the Asian market, gold price slightly go down, the gold price is currently trading slightly higher than $1870 per ounce. For the latest price movement today, Economies.com wrote a brief analysis as outlined below.
Because of optimism about Pfizer's successful vaccine trial, which offset concerns about the increase in new coronavirus infections and bets on further economic support, the price of gold fell on Wednesday. Spot gold closed at $1,871.76 per ounce, the lowest intraday hit $1,863.88 per ounce.
Economies.com wrote in the article that the gold price faced bearish pressure on Wednesday and was once close to the key support of $1,690.90 per ounce, but the gold price subsequently rebounded and closed above $1,870.00 per ounce.
According to Economies.com, because the closing level of gold prices is higher than $1870.00 per ounce, and the stochastic indicator sends positive signals, bullish views on gold will remain valid for some time to come.
The website also added that it is currently waiting for the price of gold to first rise to US$1,901.80 per ounce. If this level is overcome, the price of gold is expected to rise to US$1,934.86 per ounce.
Translated from the original article: https://www.24k99.com/2011/441...
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