24K99 News On Monday (January 23) in the early European market, spot gold fell significantly in the short term, and the price of gold was approaching the mark of 1920 US dollars per ounce. In the Asian market on Monday, the price of gold once broke through 1935 US dollars per ounce.
(Source of spot gold 15-minute chart: 24K99)
According to the well-known financial information website Economies.com, as gold prices fail to sustain above $1928.60/oz, this will put pressure on gold prices and test $1900.00/oz, and the decline may even extend to the $1885.00/oz area before trying again rise.
Economies.com expects gold prices to trade between a support level of $1915.00 an ounce and a resistance level of $1950.00 an ounce today.
“The gold market is off to a good start so far this year. I remain bullish on the outlook for 2023. We’ve seen it bounce back a lot, so there could be some softness here,” said Edward Moya, senior market analyst at OANDA.
Adrian Day, president of Adrian Day Asset Management, said he expects gold prices to fall this week, but he sees any dip as a long-term buying opportunity.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said he expects gold to consolidate around current levels before resuming gains.
“While the long-term trend remains bullish for gold, technically it has been doing well of late and looks a bit tired and should take a brief pause,” he said.
FXStreet analyst Anil Panchal pointed out that short-term support for gold prices lies in the upward sloping support line that began on January 11 and the 200-hour moving average (HMA), which are around $1,913/oz and $1,904/oz, respectively. If it falls below the above-mentioned support, the price of gold may test the key support of $1,900 an ounce.
Once gold falls below $1,900 an ounce, the March 2022 low (near $1,890 an ounce) will be the last line of defense for gold buyers, Panchal said.
On the upside, Panchal pointed out that resistance near $1,930 an ounce will limit short-term gains in gold prices. If this threshold is broken, the possibility of gold prices rising to the March 2022 high (around $1,965 per ounce) cannot be ruled out.
FXDailyReport analyst Nicholas Kitonyi said that gold bears will target short-term profit at around $1,920 an ounce, or as low as $1,915 an ounce.
At 15:30 Hong Kong time, spot gold was trading at $1920.55 an ounce.
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