In early trading on Friday (October 20th) in the European market, spot gold maintained its intraday upward trend, with gold prices currently trading around $1980 per ounce. This article analyzes the prospects of intraday gold technology.
After breaking through the first bullish target of $1945.20 per ounce, gold prices have already conquered the second bullish target of $1977.25 per ounce, and there is still room for further significant gains in the future.
On October 19th local time, according to the Israel Times, citing the Israeli Ministry of Defense, Israeli Defense Minister Galant stated to the Israeli army at the Gaza Strip border that an order to attack the Gaza Strip would be issued soon.
OANDA analyst Ed Moya said that the Middle East region is expected to continue to experience turbulence, which should allow gold prices to continue moving towards $2000 per ounce.
Gold prices rebounded strongly yesterday and successfully hit our waiting target price of 1977.25 US dollars/ounce. It is worth noting that the gold price has further risen since today's trading and is attempting to break through this level, which may lead to further gains in the gold price in the coming trading days and pave the way for the gold price to rise towards its main targets of $2000.00/ounce and $2016.90/ounce.
From the 4-hour chart, the 50 cycle index moving average (EMA) continues to support the bullish trend of gold prices. It should be considered that if the gold price fails to maintain a consolidation above $1977.25 per ounce, this will stop the expected upward trend and drive the gold price to turn bearish.
Today's gold trading will be between the support level of $1965.00 per ounce and the resistance level of $2000.00 per ounce.
