Spot gold may bounce into $1,861-$1,869 range before falling
- A break above $1,869 could lead to a gain to $1,883. On the daily chart, the fall from the Jan. 6 high of $1,959.01 looks deep enough to suggest a resumption on the downtrend from $2,072.50.
SINGAPORE: Spot gold may bounce moderately into a range of $1,861 to $1,869 per ounce before resuming its downtrend.
The metal has found a support at $1,819, the 186.4% projection level on an upward wave c from $1,727.45. After travelling below a pivotal level of $1,833, this wave has a better chance of extending into $1,775 to $1,789 range.
A break above $1,869 could lead to a gain to $1,883. On the daily chart, the fall from the Jan. 6 high of $1,959.01 looks deep enough to suggest a resumption on the downtrend from $2,072.50.
The trend is expected to extend below $1,764.29. The long-shadowed hammer forming on Monday signals a temporary stablization of the price around $1,809.
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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