SINGAPORE: Spot gold is biased to fall below a wedge towards its April 24 low of $1,268.24, as it has approached the lower trendline of this pattern after failing to go above the upper trendline.
The pattern is contracting to a point, indicating a good chance of a break below the lower trendline very soon. Strategically, the target at $1,268.24 will only be confirmed when gold drops below its May 21 low of $1,283.
A rise above $1,304 will confirm the pattern to be bullish, pointing a target at $1,330.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
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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