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Spot gold to test support at $1,761

  • Gold has started a consolidation, which may be confined in the range of $1,769-$1,805. The downtrend is expected to resume upon the completion of this consolidation.
Published February 18, 2021

SINGAPORE: Spot gold is expected to test a support at $1,761 per ounce, a break below which could cause a fall to $1,726.

The metal is riding on a wave C from $1,875.26, which is unlikely to end around $1,783, as it has deeply pierced below this level.

Most likely, this wave would extend to $1,726. The journey towards this level could be choppy, as a strong support is observed at $1,761, which is strengthened by another one at $1,764.29, the Nov. 30, 2020 low.

The metal has to overcome these barriers before reaching $1,726. On the daily chart, gold faces another support at $1,769, which is working together with the two supports on the hourly chart to stop the fall.

Gold has started a consolidation, which may be confined in the range of $1,769-$1,805. The downtrend is expected to resume upon the completion of this consolidation.

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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