Spot gold may test resistance at $1,836

SINGAPORE: Spot gold may break a resistance at $1,836 per ounce and rise towards $1,853.67.

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 above $1,825, the contract has a better chance of rising to $1,853.67. Strategically, this target will be available when gold breaks above $1,836.

Spot gold may test resistance at $1,836

The tricky part is how and when gold breaks $1,837. It is not very clear if the metal could overcome this barrier in it first attempt.

A rise to $1,840 may confirm the break.

A break below $1,825 could open the way towards $1,808-$1,816 range. On the daily chart, gold has broken a resistance at $1,831.

It may rise into $1,849-$1,863 range.

The uptrend looks healthy within a rising channel, which suggests an aggressive target around $1,940.

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