Spot gold may revisit April 8 high of $1,758.45
- On the daily chart, gold may have completed a pullback towards a support at $1,724.
SINGAPORE: Spot gold may revisit its April 8 high of $1,758.45 per ounce, as it could have resumed the bounce from $1,677.70.
The bounce was moderately reversed by a shallow drop which seems to have ended around $1,719. With gold having climbed above $1,744 again, it is likely to rise to $1,785.
However, this target of $1,785 will only be confirmed when the metal goes above $1,758.45.
The target will be aborted if gold drops towards $1,719, as the decline could indicate the development of a flat pattern.
On the daily chart, gold may have completed a pullback towards a support at $1,724.
It is expected to test the resistance at $1,769.
A break below $1,724 could be followed by a drop towards $1,693.
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