Spot Gold Trading Analysis: Target in the $2971-2983 Range
On Friday (February 14th) in the Asian market, spot gold fluctuated and rose, currently up 0.25%, trading near $2936 per ounce. Reuters technical analysts point out that spot gold may break through the resistance level of $2939 per ounce and rise to the range of $2971 to $2983.
Analysts pointed out that the gold price quickly rebounded from its low of $2864 on February 12th. The rebound indicates that the upward trend will continue. The predictive analysis shows that the target range is between $2971 and $2983.
The support range is between $2909 and $2919, and if it falls below this range, it may cause the price to drop to the range of $2879 to $2889.
On the daily chart, the analysis of the upward channel and the forecast of the upward trend starting from 1977 US dollars shows a target area of $2981 to $3010.
It should be noted that there has been no appropriate correction for the upward trend since the low point of $2583. It is likely to occur in the target area.
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