- Up till now, a pullback towards a falling trendline has not occurred. The occurrence may be near $1,959.
SINGAPORE: Spot gold may retest a resistance at $1,919 per ounce, a break above which could lead to a gain into the range of $1,932-$1,953.
The metal is riding on a wave c from $1,808.44. A projection analysis shows that gold managed to hover above a key resistance at $1,898.
A break below $1,898 could trigger a drop towards $1,877-$1,886 range. On the daily chart, gold is rising towards the peak of a wave B at $1,959.01.
The consolidation over the past two days represents an accumulation of the bullish momentum for breaking a resistance at $1,921.
Up till now, a pullback towards a falling trendline has not occurred. The occurrence may be near $1,959.
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