Spot gold may extend gains into $1,881-$1,899 range
- This wave X may turn out to be a resumption of the uptrend once gold rises above $1,912.
SINGAPORE: Spot gold may extend its gains into $1,881-$1,899 range, as it cleared a key resistance at $1,847 per ounce.
The resistance is identified as the 61.8% retracement on the downtrend from $1,898.81 to $1,764.29. The break above this level confirms a total reversal of the trend.
Immediate support is at $1,857.10, a break below which could cause a drop into $1,832-$1,847 range.
On the daily chart, the surge on Monday signals the progress of a wave X, which may travel to $1,912, the 23.6% projection analysis on the downtrend from $1,965.33.
This wave X may turn out to be a resumption of the uptrend once gold rises above $1,912.
Charts are not available in reports received in email box through "Alert". To get charts, use the news code to retrieve the original reports.
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.
Comments
Comments are closed.