SINGAPORE: Spot gold may test a support at $1,886 per ounce, a break below could cause a fall towards $1,865.

The bounce from the Feb. 25 low of $1,882.75 may have completed around a resistance at $1,928.

The consolidation over the past two days is taking the shape of a triangle.

In view of the preceding sharp fall from the Feb. 24 high of $1,973.96, this triangle may turn out to be a bearish continuation pattern, to be followed by another round of deep drop.

A break above $1,928 could lead to a gain into the range of $1,940 to $1,954. On the daily chart, the long-shadowed shooting star on Feb. 24 confirms a completion of a wave C from $1,676.10.

The bounce from the Feb. 24 low of $1,878.49 has been well limited within the upper shadow of the shooting star. Market sentiment is gradually turning bearish.

A break above $1,927 (close to $1,928 on hourly chart), may lead to a gain into $1,945-$1,962 range.

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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