Bulls be careful! Analysis of gold intraday trading: once it falls below this key support, the price of gold may fall by nearly $ 35
On Tuesday (March 10) in the Asian market, the spot gold continued to be under pressure and is now located near the US $ 1,660 / ounce. It had previously fallen below the US $ 1650 / ounce mark. The day's high price of gold was around $ 1680 / ounce. Economies.com, a well-known financial information website, wrote a new article on Tuesday to conduct a forward-looking analysis of the trend of gold in the day.
Economies.com wrote in the article that the current price of gold is lower and may test the key support of $ 1633.60 per ounce. The price of gold is difficult to break through $ 1,689.33 per ounce, and currently awaits a strong positive impetus to support the price of gold above $ 1,689.33 per ounce. If so, this will confirm that the gold price continues its bullish trend and rise to the next major target of $ 1,735.50 per ounce.
Economies.com said that overall, unless the price of gold falls below $ 1633.30 per ounce and remains below this level, the bullish trend scenario will still be valid. Once the price of gold falls below the USD 1633.60 / ounce level, this will push the price of gold back to the bearish trajectory. The first bearish target is aimed at USD 1599.10 / ounce.
Economies.com expects gold trading today to be between support at $ 1645.00 per ounce and resistance at $ 1690.00 per ounce.
Economies.com said that the expected trend for gold prices today is bullish.
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