Gold prices fell sharply in the short term approaching 1780! Gold Day Trading Analysis: If the first target is overcome, the price of gold is likely to fall by more than $35

2021-11-01 14:54:39

FX168 Financial Newspaper (Hong Kong) News On Monday (November 1) at the end of the Asian market, spot gold fell rapidly in the short term, and the gold price was approaching the $1780 / ounce mark. The well-known financial information website Economies.com the latest article on Monday to conduct a forward-looking analysis of the intraday gold trend.

(Spot gold 5-minute chart Source: FX168)

According to the Economies.com, once the gold price overcomes the first bearish target of $1770 / ounce, there is room for further decline in the future.

Economies.com wrote in the article that gold prices have fallen sharply in previous trading days, showing some bullish tendencies earlier on Monday and testing resistance at one point at $1785.00 an ounce. However, from the 4-hour chart, the EMA 50 indicator continues to form bearish pressure on gold prices, which supports the possibility that gold prices will continue to fall in the next few trading days.

(Spot gold 4-hour chart Source: Economies.com)

Economies.com said that unless gold rebounds above $1797.00/oz and remains above this level, it is still expected that gold will be bearish today. It should be noted that the first target price of gold is at $1770.00/oz, and if it falls below this level, the next target for gold prices will be to look at $1734.00/oz.

Economies.com expect gold to trade today between support at $1770.00/oz and resistance at $1795.00/oz.

Economies.com said the expected trend for gold prices today is bearish.

At 14:41 Hong Kong time, spot gold was quoted at $1782.68/oz.

Gold prices fell sharply in the short term approaching 1780! Gold Day Trading Analysis: If the first target is overcome, the price of gold is likely to fall by more than $35

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