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Spot gold may test support at $1,719

  • On the daily chart, gold is pulling back towards a falling trendline. The pullback may extend to any level until $1,693.
13 Apr, 2021

SINGAPORE: Spot gold may test a support at $1,719 per ounce, a break below which could cause a fall into $1,677.77-$1,697 range.

The bounce from $1,677.70 has ended at $1,758.45, as suggested by the following deep fall from this level. What was thought to be a double-bottom pattern around $1,678 may turn out to be a flat.

The flat would mean a drop towards $1,677.70.

A realistic target could be either $1,719 or $1,697. A break above $1,744 may lead to a gain to $1,758.

A further gain could confirm a double-bottom, and a bullish target of $1,852 will be established.

On the daily chart, gold is pulling back towards a falling trendline. The pullback may extend to any level until $1,693.

The current speculation is the bounce from the March 8 low of $1,676.10 could be similar to the one from the Nov. 30 low of $1,764.29.

Under this assumption, gold is unlikely to fall below $1,692. Signals will become very bearish if the metal breaks this level.

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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