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Markets

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
23 Jul 2021

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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