Spot gold may rise into $1,853-$1,875 range
- A break below $1,827.93, however, will indicate a resumption of the downtrend towards $1,783. On the daily chart, gold could be consolidating within a big flat that developed from $1,764.29.
SINGAPORE: Spot gold may rise into a range of $1,853-$1,875 per ounce, as it has cleared a resistance at $1,840.
The strong rise from the Feb. 4 low of $1,784.76 strongly suggests the completion of a wave C around a key support at $1,783, its 61.8% projection level.
Either the downtrend from the Jan. 6 high of $1,959.01 has further reversed, or the uptrend from the Nov. 30, 2020 low of $1,764.29 has extended.
A break below $1,827.93, however, will indicate a resumption of the downtrend towards $1,783. On the daily chart, gold could be consolidating within a big flat that developed from $1,764.29.
This pattern consists of three waves that are roughly equal in length.
The current wave c could travel into a range of $1,934-$1,979.
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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