Gold Trading Analysis: The US Dollar Soars, Gold Prices Dive Near $1,855
At the close of the Asian market on Tuesday (October 10), the spot gold price showed a short-term rapid decline again, and the price of gold was approaching $1,855/ounce. In the Asian market, the price of gold once exceeded $1,865/ounce. This article will analyze the technical outlook of the gold market during the day.
The dollar index recently rallied above 106.20, putting pressure on gold prices.
If the price of gold can remain above $1,847.50 per ounce, the overall market trend remains bullish.
The price of gold has been close to our expected target price of $1873.50/oz for some time. Looking at the 4-hour chart, the 50-period exponential moving average (EMA) provides support for the price of gold, which helps to drive the price of gold further up and above the above level. If the price of gold can continue to rise, its target will be pointed to $1913.15/oz.
Therefore, we still predict that gold prices will maintain a bullish trend in the near term. It is important to note that if gold prices fall below $1,847.50/oz and $1,838.35/oz, this will end the current upward trend and may cause the market outlook to turn bearish.
The main support level for gold trading today is at $1850.00 per ounce, while the main resistance level is at $1880.00 per ounce. The expected trend for gold prices today is bullish.
Please indicate the source: https://www.daoctech.com/fxnews/908.html
Disclaimer: The content of this article does not represent the views of the Institute of Foreign Exchange. The content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.