World gold prices edged up in trading this morning. The precious metal began to rise from adversity.
On Thursday (12/8/2021) at 07:16 WIB, the world gold price on the spot market was recorded at IS$ 1,752.67/troy ounce. Up 0.06% from the previous.
Yesterday, the price of gold jumped 1.32%. Understandably, previously prices had fallen more than 4% in just four days.
Wang Tao, Reuters Commodity Analyst, estimates that gold prices can still rise again. For today, investors can set a target at US $ 1,768/troy ounce.
Meanwhile, the support level will be in the range of US$ 1,748-1,728/troy ounce. However, Wang said that in the near future, the risk of a correction still haunts the gold price.
He estimates that the gold price will slowly fall to the range of US$ 1,687-1,704/troy ounce. "Signals in that direction are not yet complete, but it is possible that gold prices could fall to US$ 1,664/troy ounce.
Meanwhile, the gold price resistance point is estimated to be at US$ 1,748/troy ounce. A break of this point will push the price up towards US$ 1,768/troy ounce.
However, Wang warned that the current price increase was only a consolidation phase. After the consolidation is complete, investors need to be prepared because the price of gold could decline. Worst case scenario, the price may touch $1,520/troy ounce.
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