Spot gold may retest resistance at $1,746
- A break below $1,724 may open the way towards $1,693.
SINGAPORE: Spot gold may retest a resistance at $1,746 per ounce, a break above could lead to a gain to $1,761-$1,783 range.
The metal manages to hover above $1,727.10, which is a key level in telling whether the bounce from the March 31 low of $1,677.61 is over.
As long as it hovers above this level, it is likely to extend its gains into the range of $1,761-$1,783.
A break below $1,727 could open the way towards $1,691-$1,716 range.
A break above $1,761 could confirm a double-bottom, which developed from the March 8 low of $1,676.10. It will then suggest a target of $1,818.
On the daily chart, gold has broken a resistance at $1,724. The pullback towards this level seems to have completed. The metal is expected to rise towards $1,769.
A break below $1,724 may open the way towards $1,693.
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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