Spot gold may test resistance at $1,759
- Support is at $1,743, a break below which could cause a fall to $1,728
SINGAPORE: Spot gold may test a resistance at $1,759 per ounce, a break above which could lead to a gain into $1,768-$1,785 range.
The bounce from the Aug. 9 low of $1,684.37 has extended. It is driven by a wave c, which may either end around $1,759 or extend to $1,785.
Based on a projection analysis on the fall from $1,832, the wave c may extend to $1,784, as it has briefly travelled above $1,748. It might develop more towards $1,768.
Why are gold prices rising in Pakistan and internationally?
Support is at $1,743, a break below which could cause a fall to $1,728.
On the daily chart, the metal could be pulling back towards a rising trendline.
The pullback may end in the range of $1,765-$1,785, which is formed by the 38.2% projection level and a presumed resistance established by the trendline.
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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