Spot gold may test resistance at $1,919
- This former resistance has turned into a strong support, which serves as a limit to a correction from the current level.
SINGAPORE: Spot gold may test a resistance at $1,919 per ounce, a break could lead to a gain into the $1,932-$1,953 range.
The metal is riding on a wave C from $1,808.44, which is expected to extend into the $1,932-$1,953 range, as it has broken a key resistance at $1,898.
This former resistance has turned into a strong support, which serves as a limit to a correction from the current level.
On the daily chart, gold is rising towards $1,959.01, the peak of a wave B.
After breaking a falling trendline, the metal is yet to pull back towards this line.
Most likely, the pullback would occur around $1,959.01, which is regarded as a strong resistance.
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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