Spot gold may keep rising towards $2,065
SINGAPORE: Spot gold may keep rising towards $2,065 per ounce, driven by a powerful wave C.
This wave is expected to travel into a wide range of $2,019-$2,065, as it has extended above its 100% projection level of $1,946.
The depth of the correction triggered by the former resistance at $1,974 suggests the target of $2,065 as well.
A drop from the current level will be regarded as a pullback towards $1,974, now a support.
On the daily chart, the metal has broken a resistance at $1,979.
The break not only opened the way towards $2,019, but also significantly increased the chance of an extended gain to $2,072.50.
From a longer term of perspective, gold may climb into $2,350-$2,450 range, as pointed by a rising trendline.
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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