Spot gold to retest support at $1,789
- The first round of the rise from $1,749.20 has completed around a resistance at $1,813
SINGAPORE: Spot gold is expected to retest a support at $1,789 per ounce, a break below which could cause a fall to $1,774.
The first round of the rise from $1,749.20 has completed around a resistance at $1,813. The metal has moved into a consolidation phase which may last a few days.
The consolidation may be bound within a range from $1,789 to $1,813, or extend to $1,774. A break above $1,813 could lead to a gain to $1,833.
On the daily chart, the metal is riding on a wave c which is expected to travel into $1,840-$1,897 range. However, it faces a resistance at $1,806.
Spot gold may test resistance at $1,797
For a few times, the metal failed to overcome this barrier. It may retreat towards $1,784 first.
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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