Gold Price Uptrend Ends!

Jakarta, CNBC Indonesia – World gold prices moved down on trading this morning. The price of the precious metal remains below US $ 1,800/troy ounce.

On Friday (10/9/2021) at 05:54 WIB, the world gold price on the spot market was recorded at US$ 1,794.17/troy ounce. Slightly down 0.03% compared to the previous day’s position.

What are the prospects for gold prices in the future? Unfortunately, there is less encouraging news.

Wang Tao, Reuters Commodity Analyst, estimates that gold prices will still undergo a correction. He assessed that the price of this commodity will test the support point at US$ 1,773/troy ounce which if penetrated could make it fall further to US$ 1,739/troy ounce.

“It seems that the upward trend in prices has ended, the indication is a sharp correction after touching US $ 1,833.8 / troy ounce on September 3, 2021. There is a signal that gold prices will enter a trend bearish, said Wang in his research.

There is still hope for a price increase. Wang estimates the point resistance the price of gold is at US $ 1,800/troy ounce which if penetrated can continue to US $ 1,828/troy ounce.

However, Wang continued, it looks like the gold price target could rise to the level of US $ 1,800/troy ounce is still too grandiose. According to him, the price of gold will indeed rebound when it crosses US$ 1,782/troy ounce. However, price increases are likely to be limited, stuck of US $ 1,798 / troy ons.

Source: Reuters- –

CNBC INDONESIA RESEARCH TEAM

(aji / aji)

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