Spot gold rose moderately late Monday and is now around $1705 an ounce, with gold trading close to $1715 an ounce in early trading. Economies.com, a well-known financial information website, wrote a new article on Monday, making a forward-looking analysis of the trend of gold in the day.
Economies.com wrote in the article that gold prices rose after trading today and broke through the bearish channel resistance. Gold is currently facing resistance at the $1707.00 / oz level, and random indicators are now losing their positive momentum and hitting the overbought zone.
As a result, these factors have prompted us to continue to forecast a bearish trend in gold prices for some time to come, with the first target at $1692.00 / oz, which would confirm that gold prices fall to the next target of $1655.00 / oz if they fall below that level, Economies.com said. Gold needs to stay below $1718.00 an ounce to continue bearish expectations.
Economies.com expects gold to trade between the support level of $1680.00 / oz and the resistance level of $1720.00 / oz today.
Economies.com said the expected trend for gold prices today is bearish.
1436 Hong Kong time, spot gold at US $1705.12 / ounce
