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Analysis of the latest trend of gold: If the price of gold falls below this key level, the market outlook may have more than $40 room for a sharp drop

Abstract:Spot gold has declined moderately, and the price of gold is now reported to be around US$1906 per ounce.

On Friday (October 16) Asian market in early trading, spot gold fell moderately, and the price of gold is now at around US$1906 per ounce. The latest article by the well-known financial website Economies.com analyzes the trend of the gold price.

As US President Trump once again ignited hopes that the new crown virus stimulus plan would be passed before the November 3 general election, the price of gold rose slightly on Thursday.

Spot gold closed at $1,907.58 an ounce on Thursday, up $7.15 or 0.38%. Trump said that in order to reach an agreement, he agreed to come up with more than the $1.8 trillion provided by the White House.

Economies.com wrote in the article that the price of gold rose on Thursday and rose above the $1,901.80 per ounce level, investors need to be cautious about upcoming transactions.


Economies.com pointed out that if the price of gold falls back below US$1,901.80 per ounce, this will make the price of gold in a bearish trend scenario for some time to come. The next main target is US$1,690.90 per ounce.

Economies.com added that if the price of gold stays above US$1,901.80 per ounce and breaks above US$1911.00 per ounce, this will push the price of gold to rise further, with a target of US$1,934.86 per ounce.