Gold Price Rise Again!

Gold Price Rise Again!

global.gerbangindonesia.org – Gold Price Rise Again!

World gold prices are still at home on the hiking trail. The price of the precious metal also set a new record.

World gold prices

On Tuesday (22/2/2022) at 06:43 WIB, the world gold price on the spot market was recorded at US$ 1,909.61/troy ounce. Up 0.21% from the previous day, the highest since January 2021.

The positive trend is still coloring the movement of gold prices. In the past week, the price of this asset rose 2.11% point-to-point. Over the past month, prices have risen 4.03%.

Gold Price (US$/troy ounce)

Gold Price Rise Again!

Looking ahead, the room for gold price increases is still wide open. Wang Tao, Technical Analyst at Reuters, estimates that gold prices will rise to the range of US$ 1,917-1920/troy ounce because the resistance point of US$ 1,902/troy ounce has been passed.

“The price of gold is in wave (c). There is even a chance the price could rise to the range of US$ 1,917-1940/troy ounce,” said Wang in his research.

Gold Price Rise Again!

The wave, Wang continued, is part of a larger wave C. In full force, wave C could bring the gold price towards US$ 1,946/troy ounce.

Meanwhile, US$ 1,886/troy ounce, added Wang, became a new support point. A break below this point will see the price drop to US$ 1,865-1,879/troy ounce.

However, the risk of a correction still seems far away. The realistic price target for now is US$ 1,927/troy ounce, indicating the uptrend is still continuing.

“Correction is likely to occur when the gold price touches US$ 1,927/troy ounce,” said Wang.

Gold Price Rise Again!

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