ANL 10.74 Decreased By ▼ -0.54 (-4.79%)
ASC 9.27 Decreased By ▼ -0.23 (-2.42%)
ASL 11.11 Decreased By ▼ -0.13 (-1.16%)
AVN 76.75 Decreased By ▼ -1.26 (-1.62%)
BOP 5.42 Decreased By ▼ -0.09 (-1.63%)
CNERGY 5.34 Decreased By ▼ -0.07 (-1.29%)
FFL 6.67 Decreased By ▼ -0.09 (-1.33%)
FNEL 5.91 Increased By ▲ 0.06 (1.03%)
GGGL 11.06 Decreased By ▼ -0.24 (-2.12%)
GGL 16.40 Decreased By ▼ -0.38 (-2.26%)
GTECH 8.66 Decreased By ▼ -0.33 (-3.67%)
HUMNL 6.86 Decreased By ▼ -0.34 (-4.72%)
KEL 2.88 Decreased By ▼ -0.08 (-2.7%)
KOSM 3.35 Decreased By ▼ -0.11 (-3.18%)
MLCF 26.98 Decreased By ▼ -0.17 (-0.63%)
PACE 2.99 Decreased By ▼ -0.11 (-3.55%)
PIBTL 6.00 Decreased By ▼ -0.11 (-1.8%)
PRL 17.21 Decreased By ▼ -0.85 (-4.71%)
PTC 7.04 Decreased By ▼ -0.04 (-0.56%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 36.44 Increased By ▲ 1.69 (4.86%)
TELE 10.68 Decreased By ▼ -0.26 (-2.38%)
TPL 9.20 Decreased By ▼ -0.20 (-2.13%)
TPLP 20.18 Decreased By ▼ -0.31 (-1.51%)
TREET 29.10 Decreased By ▼ -0.30 (-1.02%)
TRG 76.82 Decreased By ▼ -0.68 (-0.88%)
UNITY 19.97 Decreased By ▼ -0.39 (-1.92%)
WAVES 12.73 Decreased By ▼ -0.07 (-0.55%)
WTL 1.34 Decreased By ▼ -0.03 (-2.19%)
YOUW 5.25 Decreased By ▼ -0.26 (-4.72%)
BR100 4,103 Decreased By -13.9 (-0.34%)
BR30 15,044 Decreased By -24.4 (-0.16%)
KSE100 41,503 Decreased By -127.5 (-0.31%)
KSE30 15,799 Decreased By -62 (-0.39%)
Markets

Spot gold to fall towards $1,842

  • On the daily chart, the correction triggered by the key resistance at $1,921 has extended.
14 Jun, 2021

SINGAPORE: Spot gold may break a support at $1,860 per ounce, and fall towards $1,842.

The metal failed to overcome this barrier on June 4. After struggling above this level for more than one week, it broke a rising trendlie and fell towards this support again.

This time the metal is highly likely to succeed.

A break could open the way towards $1,825. However, the current drop is driven by a wave c, which observes closely its projection levels.

The 100% level of $1,842 will be the higher target before gold reaches $1,825.

A bounce triggered by $1,860 will be regarded as a pullback towards the trendline. Most likely, the pullback would end around $1,879.

On the daily chart, the correction triggered by the key resistance at $1,921 has extended. A further slide below $1,851 could confirm the break above the trendline was false.

This false break would mark a reversal of the uptrend from $1,676.10 or a deep correction towards $1,784-$1,818 range.

The consolidation since June 1 looks more and more like a top pattern.

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.

Comments

Comments are closed.