Spot gold may test resistance at $1,911
- A condition is gold has to stay above a support at $1,886, as a break below could cause a fall into the range of $1,864 to $1,877.
SINGAPORE: Spot gold may test a resistance at $1,911 per ounce, a break above could lead to a gain into $1,919-$1,932 range.
The metal is riding on a wave C from $1,808.44. It has briefly travelled above its 100% projection level of $1,898. Chances are it may extend into $1,932-$1,953 range.
A condition is gold has to stay above a support at $1,886, as a break below could cause a fall into the range of $1,864 to $1,877.
On the daily chart, gold has broken a falling trendline and a key resistance at $1,874. It may rise further towards the peak of a wave B at $1,959.01.
However, this target may not be fulfilled so soon, as the metal may fail to break an immediate resistance at $1,921, which is expected to trigger a pullback towards the falling trendline.
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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