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Markets

Spot gold may test resistance at $1,930

  • A bullish pennant suggests a possible extension of this wave towards $1,956. Support is at $1,915, a break below which could cause a fall to $1,904.
04 Jan 2021

SINGAPORE: Spot gold may test a resistance at $1,930 per ounce, a break above which could lead to a gain to $1,946.

The resistance is identified as the 100% projection level of an upward wave c from $1,819.35.

This wave could at least travel to $1,930.

A bullish pennant suggests a possible extension of this wave towards $1,956. Support is at $1,915, a break below which could cause a fall to $1,904.

On the daily chart, gold has broken a falling trendline and a resistance at $1,918. Chances are it may rise to $1,965, the peak of a wave B.

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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