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Markets

Spot gold may test resistance at $1,795

  • The correction triggered by the resistance at $1,795 is assumed to be over
23 Aug, 2021

SINGAPORE: Spot gold may test a resistance at $1,795, as it has stabilized around a support at $1,775 per ounce.

Signals have turned bullish, as the metal failed a few times to break the support. In the meantime, it has climbed above a resistance at $1,785.

The correction triggered by the resistance at $1,795 is assumed to be over. The uptrend from the Aug. 9 low of $1,684.37 may have resumed towards a falling trendline.

Gold ekes out gains in Europe

A break below $1,775 may cause a fall to $1,759.

On the daily chart, the metal managed to hover above a support at $1,773, which is strengthened by another one at $1,765. To rise towards $1,800 seems to be an easier choice to gold.

A break above $1,800 could open the way towards the $1,828-$1,862 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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