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.
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.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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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