In the European market on Tuesday, spot gold suddenly plunged in the short term, and the gold price just fell below the $1,970/ounce mark.
The short-term resistance level for gold prices is found at Monday's high of $1,983 per ounce, and the next resistance is at the July 20 high of $1,988 per ounce. If the above resistance is overcome, gold buyers will target a five-month high of $1,997 per ounce, followed by the $2,000 per ounce mark.
On the other hand, Mehta said that if gold prices recover from the correction trend at multi-month highs, gold sellers will need to continue to attack Monday's low of $1,963 per ounce to test the psychological level of $1,950 per ounce.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.