On Thursday (November 30th) in the European market, spot gold suddenly experienced a short-term drop, with gold prices approaching the $2040/ounce mark. This article analyzes the prospects of intraday gold technology.
The US dollar index has rebounded and is currently around 103.20, climbing over 30 points within the day. The strengthening of the US dollar has hit the trend of gold prices.
According to the data, once the gold price falls below $2037.00 per ounce, it will face greater downward pressure.
From the 4-hour chart of gold, it can be seen that the price of gold fluctuates around the resistance of the bullish channel. Currently, it is waiting for gold to gain positive momentum, which will help push the gold price back to the main bullish trend. The next main target is in the $2075.25/ounce area.
The 50 cycle moving average (EMA) continues to support a bullish trend in gold prices. It should be noted that if the gold price falls below $2037.00 per ounce, it will put bearish pressure on the gold price for the day. The goal is to test the $2020.00 per ounce range, and the decline may even extend to $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.
At 16:52 Hong Kong time, spot gold was trading at $2040.15 per ounce.
