The Future of Gold Will Be Very Good - Samson Chanel

World gold prices moved down in trading this morning. Understandably, the price of the precious metal had previously gone up quite sharply. The world gold price on the spot market was recorded at US$ 1,821.13/troy ounce.
Slightly down 0.06% compared to the previous day's position. Gold prices are at risk of correction due to the high possibility of selling pressure. Because the price of this asset has gone up quite high.
In the past week, gold prices still posted an increase of 1.78% point-to-point. Over the past month, prices have risen 2.85%. Therefore, gold is vulnerable to a technical correction.
The price increase, which is already quite high, will tempt investors to cash out. Gold contracts are sold, the price goes down.
Wang Tao, Technical Analyst at Reuters, estimates that the future of gold prices will be bright. In the first quarter of 2022, he estimates the price will test the resistance point of US$ 1,926/troy ounce.
A break of this point will bring the price up again to the range of US$ 1,982-2,073/troy ounce. If a break of this resistance point occurs, Wang continued, it will confirm that the gold price is entering a bullish trend.
Investors can set a target price of gold at US $ 1,982/troy ounce. If it breaks, then the next target is at US$ 2,620/troy ounce