Spot gold may rise into $1,801-$1,811 range
- Support is at $1,775, a break below which could signal the completion of the wave c. A bearish target zone of $1,743-$1,759 will be established then
SINGAPORE: Spot gold may rise into a range of $1,801-$1,811 per ounce, as the bounce from the Aug. 9 low of $1,684.37 has extended.
The bounce is driven by a wave c, which has just travelled above its 100% projection level of $1,785. This wave has a better chance of extending into a range of $1,811-$1,827, which is also pointed by a falling trendline.
Support is at $1,775, a break below which could signal the completion of the wave c. A bearish target zone of $1,743-$1,759 will be established then.
Spot gold may fall into $1,759-$1,769 range
On the daily chart, a projection analysis reveals a break above the 38.2% level of $1,765. The break opened the way towards $1,823.
A retracement analysis marks a target zone of $1,800-$1,828. All these calculation indicate a further gain from the current level.
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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