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Markets

Spot gold may test resistance at $1,802

  • A rise to $1,803 may confirm the break and the target zone.
04 May 2021

SINGAPORE: Spot gold may test a resistance at $1,802 per ounce, and a break could lead to a gain to $1,816. The uptrend from $1,677.70 could have resumed.

It is riding on a wave C which is capable of travelling to $1,830.

A resistance at the April 22 high of $1,797.67 has caused a shallow correction which may end around $1,784.

There is a slim chance the metal could break $1,784 and fall into a zone of $1,765-$1,773, as the support is strengthened by another one established by a short falling trendline.

On the daily chart, the big white candlestick on Monday confirms the completion of the fall triggered by the resistance at $1,799.

Indeed, this fall could have prepared bulls with enough momentum to break $1,799 and rise into $1,828-$1,875 range.

A rise to $1,803 may confirm the break and the target zone.

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.