SMM Network News: Asian market morning trading, spot gold rebounded, gold prices are now reported near 1872 US dollars / oz. Economies.com, a well-known website, wrote an article to analyze the future trend of gold prices.
Gold prices tumbled more than 4 per cent on Monday as news of novel coronavirus's first successful late-stage vaccine trial prompted investors to sell gold, a safe haven asset. Spot gold closed at $1861.78 an ounce, down $89.08 or 4.57%, with an intraday low of $1849.43 / ounce.
Us drugmaker Pfizer said on November 9th that its experimental vaccine was more than 90 per cent effective in preventing COVID-19, according to preliminary data from a large study.
'Gold prices continued to decline on Monday, 'Economies.com wrote in the article. Gold tested the $1860.90 / oz level and tried to fall below that level, suggesting that gold prices fell further in the coming trading days.
Economies.com pointed out that if gold prices confirm to fall below the $1860.90 / oz level, this will push gold prices down to the next bearish target of $1794.84 / oz.
Economies.com added that if gold stops bearish pressure, this will push gold to start a new attempt to rebound, targeting $1901.80 / oz, then $1934.86 / oz.
