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Spot gold to rise to $1,840

  • On the daily chart, gold has cleared a resistance at $1,805.
23 Feb 2021

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.