On Tuesday (November 21st) in the early European market, spot gold rose rapidly again in the short term, with gold prices approaching around $1995 per ounce, and gold prices surged by over $15 during the day. The well-known financial information website Economies.com recently wrote an article on Tuesday, analyzing the prospects of gold technology in the day.
The US dollar index continued its decline, reaching a minimum of 103.17, breaking a two month low. The weakening of the US dollar stimulates the strengthening of gold prices.
As shown in the figure, gold prices rebounded significantly after hitting the support line of the bullish channel, and resumed the expected bullish trend within the day. We believe that the path for gold to hit its first bullish target of $2000.00 per ounce and a higher target of $2009.30 per ounce has been opened.
The 50 cycle moving average (EMA) continues to support bullish gold prices. Unless gold prices fall below $1971.00/ounce and $1962.35/ounce, and remain below these levels, bullish expectations will remain valid.
It is expected that gold prices will trade between the support level of 1980.00 US dollars per ounce and the resistance level of 2005.00 US dollars per ounce today.
The expected trend for gold prices today is bullish.
