Spot gold may retest resistance at $1,810
- Only a fall below $1,795 could confirm the extension of the wave c towards its ultimate target of $1,785
SINGAPORE: Spot gold may retest a resistance at $1,810 per ounce, a break above which could lead to a gain into $1,815-$1,825 range.
The metal failed twice to break a support at $1,795.
The failures suggest the completion of a wave c from $1,824.75.
Indeed, the whole correction from $1,833.65 could have completed.
Only a fall below $1,795 could confirm the extension of the wave c towards its ultimate target of $1,785.
Gold prices hits over one-week low in Asia
On the daily chart, the metal is suffering from a weak momentum. Signals are a bit mixed.
However, candlesticks with lower shadows appeared on Wednesday and Thursday. They represent good support slightly above $1,784.
A wave c from $1,749.20 is poised to resume. It looks incomplete, as it is capable of travelling into $1,897-$1,988 range.
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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