24K99 News On Thursday (June 22) in the early European market, the spot gold suddenly fell rapidly in the short term, and the price of gold was approaching 1925 US dollars per ounce. The well-known financial information website Economies.com wrote its latest article on Thursday to analyze the technical outlook of gold within the day.
(Source of spot gold 5-minute chart: 24K99)
Economies.com wrote in the article that from the 4-hour chart of gold, it is worth noting that the stochastic indicator has clearly lost its positive momentum, waiting for this factor to push gold back to bearish bias and fall to the next major target of $1913.15/ ounce.
(Source of spot gold 4-hour chart: Economies.com)
Therefore, our bearish view will remain valid, says Economies.com. As the chart shows, gold prices are oscillating within a bearish channel. It should be pointed out that if the price of gold falls below $1913.15/oz, the bearish trend of gold will continue to the area of $1873.50/oz; on the other hand, if the price of gold breaks through $1945.20/oz, this will stop the expected decline and cause Gold prices are attempting to return to a major bullish trend.
Economies.com expects gold prices to trade between support at $1,915.00 an ounce and resistance at $1,945.20 an ounce today.
The expected trend for gold prices today is bearish, according to Economies.com.
At 16:42 Hong Kong time, spot gold was at $1925.91 an ounce.
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