Spot gold may fall towards $1,726
- Resistance is at $1,783, a break above which could lead to a gain to $1,801. On the daily chart, gold is retesting a support at $1,769, the 61.8% projection level of a downward wave C from $1,959.01.
SINGAPORE: Spot gold may break a support at $1,761 per ounce and fall towards $1,726, as suggested by a projection analysis.
The support is identified as the 76.4% projection level of a downward wave C from $1,875.26. This wave has an ultimate target of $1,726.
The bounce triggered by the support at $1,761 on Feb. 19 has been totally reversed. The reversal signals a continuation of the wave C.
Resistance is at $1,783, a break above which could lead to a gain to $1,801. On the daily chart, gold is retesting a support at $1,769, the 61.8% projection level of a downward wave C from $1,959.01.
This time, the metal may succeed and then drop towards $1,724. Eventually, the downtrend could extend to $1,651.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Comments
Comments are closed for this article.