SINGAPORE: Spot gold may test a resistance at $1,836 per ounce,a break above which could lead to a gain to $1,854.
The metal is riding on a wave C, the third wave of a presumed three-wave cycle from the Aug. 9, 2021 low of $1,684.37. It is capable of travelling to or above $1,872.
After breaking a key resistance at $1,825, gold is well on its way towards $1,836-$1,854 range.
A break below $1,825, now a support, may be followed by a shallow drop to $1,816.
On the daily chart, the uptrend looks intact within a rising channel, which suggests an aggressive target around $1,940.
Spot gold may rise into $1,836-$1,853 range
A realistic is $1,849, which will be confirmed when gold breaks $1,831.
It is not very clear if a correction occurs around $1,831. Signals on the hourly chart indicate a small chance of such a correction.
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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