SMM News: Friday (Oct. 9) Asian market morning trading, spot gold maintained a rising trend, is now reported near 1898 US dollars / oz. Economies.com wrote an article to analyze the future trend of gold prices.
Gold edged higher on Thursday as uncertainty about the US presidential election and bets that new stimulus measures would push up inflation offset improved investor interest in riskier assets. Spot gold closed at $1893.30 an ounce, up $7.50 or 0.40%.
Economies.com wrote in the article that gold prices retested the EMA 50 index from the 4-hour chart, but it is worth noting that random indicators continue to lose positive momentum, waiting for this factor to push gold prices back to the expected bearish trend.
Economies.com said that while the outlook for gold prices continues to be bearish, the next major target will be $1860.00 an ounce.
Economies.com said gold continues to be bearish on the condition that it stays below $1901.80 an ounce and, most importantly, below $1915.00 an ounce.
Economies.com expects $1860.00 / oz and $1900.00 / oz to provide short-term support and resistance to gold prices, respectively.
