Spot gold may rise towards $1,818
- On the daily chart, gold has cleared a resistance at $1,776. It is expected to rise towards $1,799-$1,828 range.
SINGAPORE: Spot gold may break a resistance at $1,785 and rise towards $1,818 per ounce.
A double-bottom developing around $1,677 has been confirmed, after gold climbed above its April 8 high of $1,758.45. The pattern suggests a target of $1,852.
It is not very clear if gold retreats towards $1,758 before breaking $1,785. A break below the nearest support of $1,722 could confirm this correction towards $1,758.
On the daily chart, gold has cleared a resistance at $1,776. It is expected to rise towards $1,799-$1,828 range.
The current rise is presumed to be at least matching the one from the Nov. 30 low of $1,764.29, to extend to $1,841, as suggested by a falling channel.
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.
Comments
Comments are closed.