SINGAPORE: Spot gold is expected to break a resistance at $1,818 per ounce, and rise to $1,840.
A falling channel suggests a further gain to $1,840. It is unclear if gold could overcome this barrier and rise towards $1,875.
The wave pattern from the Nov. 30, 2020 low of $1,764.29 looks like a huge flat, which consists of three parts. The third part is developing towards the Jan. 6 high of $1,959.01.
This assumption will be aborted, if gold fails to break $1,840, as this failure could suggest a continuation of the downtrend.
Support is at $1,801, a break below which could cause a fall into $1,761-$1,783 range.
On the daily chart, gold has cleared a resistance at $1,805.
As long as the metal hovers above this level, it may rise to $1,841, which is near $1,840 (hourly chart).
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.
Comments
Comments are closed for this article.