Spot gold may fall into $1,759-$1,769 range
- The steep rise from $1,716.57 has slowed around a resistance at $1,795. The sideways move below this barrier signals the formation of a top
SINGAPORE: Spot gold may break a support at $1,775 per ounce and fall into a range of $1,759-$1,769.
The steep rise from $1,716.57 has slowed around a resistance at $1,795. The sideways move below this barrier signals the formation of a top.
A wave c may have completed, as confirmed by its five-wave structure. Its completion also marks a reversal of the short uptrend from the Aug. 9 low of $1,684.37.
A break above $1,795 could confirm the extension of the wave c towards $1,811. On the daily chart, two small dojis formed on Tuesday and Wednesday around a strong resistance of $1,800. They confirm a completion of the bounce from $1,684.37.
A break above $1,800 may not trigger a strong rise towards $1,828, as the metal will have to face a resistance established by a falling 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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