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Spot gold may fall into $1,759-$1,769 range

  • A break above $1,785 could lead to a gain into a zone of $1,795-$1,811
16 Aug, 2021

SINGAPORE: Spot gold may fall into a range of $1,759-$1,769 per tonne, as the bounce from the Aug. 9 low of $1,684.37 is ending.

Three waves make up the bounce. The wave c seems to be loosing its momentum around a resistance at $1,785, its 100% projection level. Chances are high that this wave ends around this barrier.

A break above $1,785 could lead to a gain into a zone of $1,795-$1,811.

Gold hovers near one-week peak on weak consumer sentiment print

The bounce is classified as a part of a big wave C from $1,832.

This wave may eventually travel to $1,664.

On the daily chart, the bounce is indeed a pullback towards a rising trendline. The pullback may end around $1,786 - a resistance established by the trendline.

Strategically, a fall below $1,765 could signal a continuation of the wave C towards $1,671.

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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