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Markets

Spot gold to rise to $1,746

  • The metal broke both the resistance and a falling trendline.
Published April 5, 2021

SINGAPORE: Spot gold is expected to rise to $1,746 per ounce, as it has cleared a resistance at $1,716.

The metal broke both the resistance and a falling trendline.

This is a significant advance of bulls.

The downtrend from $1,875.26 may have reversed.

A break above $1,746 will open the way towards $1,761-$1,783 range.

However, the upside may not be limited to $1,783, as a double-bottom forming around $1,680 will be confirmed then, suggesting a target of $1,818.

A break below $1,716 could cause a fall to $1,691.

On the daily chart, gold has broken a resistance at $1,724.

The break opened the way towards $1,769.

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