SINGAPORE: Spot gold may test a resistance at $1,801 per ounce, a break above which could lead to a gain into $1,815-$1,830 range.
The metal has stabilized around a support at $1,782. The stabilization suggests the completion of a drop from the Dec. 31, 2021 high of $1,830.06.
The uptrend from $1,753.30 is expected to resume, which is riding on a wave C that could travel to $1,876.90.
A break below $1,782 could cause a fall into $1,753-$1,771 range.
Gold set for biggest weekly fall since late-November
On the daily chart, the consolidation within a wedge carries on.
The metal is biased to rise towards the upper trendline of the wedge.
The rise observed a set of retracements on the uptrend from $1,684.37.
The metal found a support at $1,781, close to $1,782 (hourly chart). It may test a resistance at $1,803.
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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