Spot gold has experienced a short-term rise, and the price of gold has just exceeded the $2,000/ounce mark again. The technical aspect of gold sends a negative signal. Unless the price of gold exceeds 2009.30 US dollars per ounce, the price of gold will face the risk of a correction in the short term. Spot gold closed up $20.65, or 1.04%, on Tuesday, hitting an intraday high of $2,007.57 per ounce.
Gold prices were close to our awaited target of $2009.30 an ounce on Tuesday before falling back from this area, suggesting that gold is on track to test the bullish channel support shown on the chart (currently at $1976.75 an ounce).
Therefore, it is predicted that gold prices will show a bearish trend today, and the stochastic indicator will lose positive momentum, which supports bearish expectations. If gold prices fall below $1,976.75 per ounce, gold prices will continue the bearish trend to $1,962.35 per ounce; on the other hand, if gold prices exceed $2,009.30 per ounce, this will stop the bearish scenario and cause gold prices to return to the main bullish trend.
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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.