#GoldTechnical analysis.#24K99 News On Thursday (January 16), during the late session in the Asian market, spot Gold maintained a strong trend, currently priced around $2699 per ounce, with the price once reaching the threshold of $2700.00 per ounce during the Asian session. The renowned financial news website Economies.com published an analysis of the technical outlook for Gold on Thursday.
According to Economies.com, the Gold price successfully reached the Target Price of $2700.00 per ounce, with the next target looking towards $2725.00 per ounce.
(Screenshot source: Economies.com)
Spot Gold closed significantly up $19.20 on Wednesday, an increase of 0.72%, reported at $2696.18 per ounce.
Economies.com stated in the article that the Gold price successfully hit our long-awaited Target Price of $2700.00 per ounce, facing strong Resistance at this level. Currently waiting for Gold to gather positive momentum to push the price higher and further rise to the next major target of $2725.00 per ounce. As shown in the chart, the Gold price is trading within a Call channel.
(Spot gold 4-hour chart Source: Economies.com)
Economies.com added that, from the 4-hour chart of Gold, the 50-period Exponential Moving Average (EMA) supports the bullish trend of gold prices. It should be noted that if the gold price falls below $2672.00 per ounce, this will halt the expected upward momentum and shift the gold price to a bearish trend.
Economies.com expects today's Gold prices to trade betweenResistanceBetween $2680.00 per ounce and the Resistance at $2720.00 per ounce.
Economies.com stated that the expected trend for gold prices today is bullish.
At 15:16 in Peking, spot gold was quoted at $2698.68 per ounce.
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