Spot gold may retest resistance at $1,826
- The pullback may end around $1,808. Wave pattern suggests the progress of a wave (3), which is expected to travel to $1,856 or $1,904
SINGAPORE: Spot gold may stabilise above a support at $1,808 per ounce and retest a resistance at $1,826 thereafter.
The metal has broken a falling trendline and is pulling back towards it.
The pullback may end around $1,808. Wave pattern suggests the progress of a wave (3), which is expected to travel to $1,856 or $1,904.
A break below $1,808 may cause a fall limited to $1,797. On the daily chart, the surge on Aug. 27 suggests an extension of a consolidation from the March 31 low of $1,677.61.
Spot gold may test support at $1,773
The consolidation may take the shape of a flat, which consists of three waves that are roughly equal. Under this assumption, the current wave c may travel close to $1,916.
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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