Spot gold may rise into $1,932-$1,953 range
- It is not very clear if the metal could break $1,921 in its current attempt.
SINGAPORE: Spot gold may rise into a range of $1,932-$1,953 per ounce, driven by a wave C.
This wave started at $1,808.44, which is expected to travel into the $1,932-$1,953 range. Strategically, this target zone will be confirmed when the metal breaks the nearest resistance at $1,919.
Support is at $1,898, a break below which could cause a fall to $1,886. On the daily chart, gold is rising towards $1,959.01, the peak of a wave B.
It is not very clear if the metal could break $1,921 in its current attempt.
A correction may be shallow if it fails. A decent correction may occur around $1,959, which will be classified as a pullback towards a falling trendline.
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.
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