Spot gold may revisit July 23 low of $1,789.98
- Over the next few days, gold may remain sideways within the range
SINGAPORE: Spot gold may revisit its July 23 low of $1,789.98 per ounce, as it failed again to break a resistance at $1,832.80.
The failure signals the completion of the uptrend from $1,749.20, or the extension of a correction from the July 15 high of $1,833.65.
In either of the cases, gold may drop to $1,789. Immediate resistance is at $1,822, a break above which could lead to a gain into $1,832-$1,853 range.
[ Spot gold may test resistance at $1,746 ][1]
On the daily chart, trending signals turned neutral, as gold lost its bullish momentum before testing a resistance at $1,840. Signals may become clearer when the metal gets out of the range of $1,784-$1,840.
Over the next few days, gold may remain sideways within the 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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