SINGAPORE: Spot gold may break a resistance at $1,808 per ounce,and rise into a range of $1,816-$1,825, driven by a wave C.
This is the third wave of a presumed three-wave cycle from the Aug. 9, 2021 low of $1,684.37.
The wave C observes closely a set of projection levels, among which, the 38.2% level of $1,827 works a target, as gold has broken the 23.6% level of $1,799.
However, a retracement analysis on the fall from $1,853.67 to $1,779.20 reveals a fine-tuned target zone of $1,816-$1,825.
Spot gold may test resistance at $1,803
A break below $1,797 may open the way towards the range of $1,784-$1,790. On the daily chart, the metal has maintained within a rising channel and broken above a resistance at $1,803. It is supposed to rise towards $1,831.
The long-shadowed candlestick on Thursday symbolises a strong support provided by the channel. The metal may not retest the support.
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.