SINGAPORE: A bullish target at $1,820 per ounce has been aborted for spot gold and a bearish target has been established at $1,735.69.
The metal failed to surge past the Nov. 8 high of $1,802.60, and this failure has altered the wave structure on the hourly chart, with an alternative corrective wave mode added to the previous impulsive wave mode.
It is less possible for the uptrend that started at the Oct. 20 low of $1,603.49 to resume, as it could have peaked.
The $1,820 level will be retargeted should the resistance at $1,796 be broken.
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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