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Spot gold may retest support at $1,818

  • A further gain above $1,840, however, could indicate an extension of the uptrend from the Feb. 4 low of $1,784.76 towards $1,853-$1,875 range.
16 Feb 2021

SINGAPORE: Spot gold is expected to retest a support at $1,818 per ounce, a break below which could cause a fall to $1,801.

The metal is riding on a wave C from $1,875.26, which is far from complete. It is expected to travel to $1,726, its 100% projection level.

Three smaller waves make up the wave C. The small wave c is unfolding. Resistance is at $1,830, a break above which could lead to a gain to $1,840.

A further gain above $1,840, however, could indicate an extension of the uptrend from the Feb. 4 low of $1,784.76 towards $1,853-$1,875 range.

On the daily chart, signals are a bit neutral as gold is temporarily stuck in a range of $1,805-$1,841. An escape could suggest the next direction.

The readings on the hourly chart suggest a downside bias.

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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