Spot gold neutral in $1,833-$1,861 range
- The failures suggest the completion of a bounce from the Jan. 11 low of $1,816.53.
SINGAPORE: Spot gold looks neutral in a range of $1,833-$1,861 per ounce, and an escape could suggest a direction.
A break below $1,833 could confirm a continuation of the downtrend towards a zone of $1,797-$1,819, while a break above $1,861 could lead to a gain into $1,869-$1,883 range.
The bias looks towards the downside, as the fall from $1,959.01 is categorized as a continuation of the preceding downtrend from the Aug. 7, 2020 high of $2,072.50.
On the daily chart, gold failed twice to break a resistance at $1,862, the 50% retracement of the uptrend from $1,764.29 to $1,959.01.
The failures suggest the completion of a bounce from the Jan. 11 low of $1,816.53.
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 for this article.