[Where Did You Gold?] Gold Price Sprinted to Over $1920.

Kuala Lumpur (GMT +8) - In the European market on Wednesday (October 21), spot gold prices has been on sharp surge to the level over $1,915 per ounce and even hit the $1920 per ounce during its peak. Meanwhile, Silver extended its rise to above $25.

Regarding the price trend of gold and silver in the day, Swissquote Bank wrote a brief analysis as follows:

Photo: XAU/USD H4 Chart (Investing.com)

Gold price is ranging between $1,916 to $1,918 per ounce at the time being. With the gold price broke through the resistance level of $1908 per ounce, we believe that it will continue on a bullish momentum. The next target is set at $1,925 and $1,932 per ounce.

On the other hand, Swissquote Bank stated that if the gold price drops below $1,908 per ounce, this will change the gold to a bearish trend with the first target set at $1,904 and $1,889 per ounce.

It also predicted that the levels of $1889.00 per ounce and $1932.00 per ounce will constitute the short-term support and resistance to the gold prices, respectively.

Rationale: The Relative Strength Index (RSI) indicator suggests further gains.

Photo: XAG/USD H4 Chart (Investing.com)

Silver price is trading at $25.01 per ounce at the time being. With the silver price broke through the resistance level of $24.700 per ounce, we believe that it will continue on a bullish momentum. The next target is set at $25.37 and $25.57 per ounce.

On the other hand, Swissquote Bank stated that if the silver price drops to below $24.70 per ounce, this will change the silver price to a bearish trend with the first target set at $24.56 and $24.33 per ounce.

It also predicted that the levels of $25.57 per ounce and $24.33 per ounce will constitute the short-term support and resistance to the silver prices, respectively.

Reason: The RSI indicator suggests further gains.

Translated and processed from the main article: https://www.24k99.com/2010/431...