- On the daily chart, gold has found a support at $1,724. It is bouncing towards $1,769.
SINGAPORE: Spot gold may bounce into a range of $1,761-$1,783 per ounce, as suggested by its wave pattern and a projection analysis.
A downward wave C from $1,875.26 has completed around $1,726, its 100% projection level. The current bounce could be as strong as the one from the Feb. 19 low of $1,759.29, to extend to $1,783, as suggested by a falling channel.
A break below $1,726 could confirm the extension of the wave C towards $1,669.
On the daily chart, gold has found a support at $1,724. It is bouncing towards $1,769.
It is not very clear if the bounce could be strong enough to extend to $1,805. Regardless of the ending point of this bounce, the downtrend may resume towards its ultimate target of $1,651, as a downward wave C is expected to travel to this level.
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