FX168 Financial News (Hong Kong) - In the Asian market on Tuesday (November 20), spot gold fell slightly, and the latest report was around 1222 dollars/ounce. According to the gold trend of this trading day, Denis Joeli Fatiaki, an analyst of Leo Prime, wrote a new article for analysis.
The following is the main content of Denis Joeli Fatiaki's article:
Gold price Yesterday, it once fell below 1221.25 dollars/ounce and fell to 1217.80 dollars/ounce. Gold prices then rebounded and broke through $1223.10/oz in overnight trading. On Tuesday morning, the gold price remained above the support of USD 1223.10/ounce. The gold price needs to break through 1224.50 dollars/ounce to continue to rise to the next bullish target of 1226.40 dollars/ounce.
Intra day forecast:
The gold price is currently near 1223.10 dollars/ounce. If it fails to stay above the support of 1223.10 dollars/ounce, the gold price may fall to 1221.25 dollars/ounce and 1220.25 dollars/ounce. The gold price needs to break through 1224.50 dollars/ounce to continue its upward trend. The next major resistance level is expected to be $1228.21/oz.
Support: $1223.10/oz; 1221.25 USD/oz; $1217.80/oz
Resistance level/target level: 1224.50 dollars/ounce; 1226.40 USD/ounce; 1228.21 USD/oz
(Source of spot gold hour chart: Leo Prime, FX168 financial network)
