In early trading on Tuesday (October 17th) in the European market, spot gold suddenly rose rapidly in the short term, and the gold price just hit the $1920/ounce mark, recovering all lost ground during the day. This article analyzes the prospects of intraday gold technology.
As long as important support is maintained at $1913.15 per ounce, there may still be significant room for gold prices to rise in the future.
The gold price was previously tested at $1913.15 per ounce, which formed a key support for intraday trading. Gold prices need to consolidate above this level to make the bullish trend scenario effective. The next target for gold prices is $1945.20 per ounce.
(Spot Gold 4-Hour Chart)
From the 4-hour chart, the 50 cycle index moving average (EMA) supports an upward trend in gold prices. Once the gold price falls below $1913.15 per ounce, it will drive the gold price to turn bearish and fall towards the bearish target of $1873.50 per ounce.
Today's gold trading will be between the support level of $1900.00 per ounce and the resistance level of $1935.00 per ounce.
The expected trend for gold prices today is bullish.
