- The metal has completed the second pullback towards a falling trendline.
SINGAPORE: Spot gold may test a resistance at $1,911 per ounce, a break above which could lead to a gain into $1,932-$1,953 range.
The consolidation triggered by a resistance at $1,919 has been shaped into a bullish wedge, which suggests a target at $1,932.
Support is at $1,886, a break below which could cause a fall into $1,864-$1,877 range. On the daily chart, gold climbed above a resistance at $1,892 again.
The metal has completed the second pullback towards a falling trendline.
It is expected to retest a resistance at $1,921. A break could open the way towards $1,959.
The break has a more bullish indication that the whole trend from $2,072.50 might be reversed, as this $1,921 also sits on the 61.8% retracement of the downtrend from $2,072.50.
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