Spot gold signals mixed
- Support is at $1,859, a break below which could cause a fall into the $1,830-$1,847 range. On the daily chart, the metal is struggling around a resistance at $1,874.
SINGAPORE: Signals are mixed for spot gold, as it moves sideways around a resistance at $1,875 per ounce.
After piercing above the resistance twice, the metal failed to stand firm above this level. It is doubtful that gold could extend towards $1,921, if it remains sluggish.
After failing to break $1,893, the metal was unable to break $1,884. That is a disappointing move. Bulls seem unconfident to push the price higher.
Support is at $1,859, a break below which could cause a fall into the $1,830-$1,847 range. On the daily chart, the metal is struggling around a resistance at $1,874.
Instead of shooting up towards $1,921, it has somehow lost its bullish momentum.
There might be the second pullback towards a trendline, or worse, a deep correction towards $1,828.
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