Spot gold may test resistance at $1,884
- Gold has cleared a lower resistance at $1,867. It is heading towards the $1,884-$1,902 range.
SINGAPORE: Spot gold may test a resistance at $1,884 per ounce, a break above which could lead to a gain to $1,902.
The resistance is identified as the 50% retracement of the downtrend from $1,959.01 to $1,809.90. Gold has cleared a lower resistance at $1,867. It is heading towards the $1,884-$1,902 range.
A break below $1,867, now a support, may cause a fall to $1,845. On the daily chart, a projection analysis reveals a resistance at $1,886, the 23.6% level of a wave C from $1,959, which is close to $1,884 (hourly chart).
This resistance may be broken, as the metal may approach $1,914, around which, the big black candlestick started on Jan. 8.
Charts are not available in reports received in email box through "Alert". To get charts, use the news code to retrieve the original reports.
Comments
Comments are closed.