SINGAPORE: Spot gold may test a support at $1,811 per ounce, a break below which could cause a fall into $1,789-$1,797 range.
The support is identified as the 200% projection level on an upward wave c from $1,727.45. This wave has traveled below a pivotal level of $1,833. It has a better chance of extending into $1,775-$1,789 range.
A break above $1,833 could lead to a gain to $1,861. On the daily chart, the fall from the Jan. 6 high of $1,959.01 has been so deep that it strongly suggests a resumption of the downtrend from $2,072.50.
Eventually, the trend may extend to $1,764.29.
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.