At the end of the Asian market on Wednesday (November 29th), spot gold maintained its intraday rebound trend, with gold prices currently trading around $2045 per ounce. This article analyzes the prospects of intraday gold technology.
If the gold price breaks through the short-term resistance around $2047.00 per ounce, gold is expected to further climb, with targets set at $2055.00 per ounce and $2075 per ounce.
Driven by the heavy decline in the US, spot gold closed Tuesday up $26.91, or 1.34%, at $2041.05 per ounce
The gold price started trading today and further rose, approaching our second target of $2055.00 per ounce. As shown in the figure, the gold price is attempting to confirm breaking through the resistance of the bullish channel, waiting for gold to gain positive momentum to help push the gold price to continue its upward trend and further rise to $2075.25 per ounce.
The 50 cycle moving average (EMA) continues to support a bullish trend in gold prices. It should be considered that if the gold price fails to break through the above resistance (around $2047.00 per ounce), it will push the gold price back and fall towards key support of $2009.30 per ounce, before attempting a rebound again.
It is expected that the gold price will trade between the support level of $2030.00 per ounce and the resistance level of $2065.00 per ounce today.
The expected trend for gold prices today is bullish.
