Spot gold may retreat into $1,830-$1,847 range
- On the daily chart, the metal faces a similar resistance at $1,874, which may trigger a pullback towards the falling trendline.
SINGAPORE: Spot gold may retreat into a range of $1,830-$1,847 per ounce, as it failed to break a resistance at $1,875.
The rise over the past few days also looks too sharp to sustain. It is subject to a correction, especially when a wave (v) is ending around $1,875.
A break above $1,875 could lead to a gain to $1,893, while a break below $1,859 could confirm the target zone.
On the daily chart, the metal faces a similar resistance at $1,874, which may trigger a pullback towards the falling trendline.
It is still too early that bulls celebrate a break above the trendline, as the metal may consolidate around $1,874 for some time. Only when gold stands firm above $1,874 could the break above the trendline be confirmed.
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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