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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.
21 Jan 2021

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.

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