Spot gold rebounded slightly late Wednesday and is now around $1687 an ounce. Economies.com, a well-known financial information website, wrote a new article on Wednesday, making a forward-looking analysis of the trend of gold in the day.
Economies.com wrote in the article that gold closed below $1692.00 an ounce yesterday, confirming that it had fallen below that level and cementing expectations that gold would continue to be bearish on the day and in the short term. The way for gold to fall to its next target of $1665.00 an ounce has been opened.
As shown in the chart, gold is in the bearish channel, Economies.com said. Continue to forecast that the gold price is bearish, and the EMA 50 index supports bearish expectations. It is important to note that if the gold price breaks through $1692.00 / oz, this could push the gold price to rebound, target $1730.00 / oz, and then try to decline again.
Economies.com expects gold to trade between the support level of $1660.0 / oz and the resistance level of $1695.00 / oz today.
Economies.com said the expected trend for gold prices today is bearish.
