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Spot gold may test resistance at $1,911

  • The metal has completed the second pullback towards a falling trendline.
11 Jun 2021

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.

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.