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Spot gold may retest resistance at $1,826

  • The metal has stabilised around a support at $1,808. The stabilization confirms a completion of a pullback towards a falling trendline
31 Aug, 2021

SINGAPORE: Spot gold may retest a resistance at $1,826 per ounce, a break above could lead to a gain at $1,841.

The metal has stabilised around a support at $1,808. The stabilization confirms a completion of a pullback towards a falling trendline.

An upward wave (3) may have resumed towards $1,856. This wave has a fierce character. It may quickly travel to $1,856. A break below $1,808 could cause a fall to $1,797.

On the daily chart, a big flat pattern from $1,677.61 is developing. It consists of three waves that are roughly equal. The current wave c may eventually travel close to $1,916.

A retracement analysis on the fall from $1,916.40 reveals a resistance at $1,828. Following its first failure to break this level, gold may succeed in its current attempt. A break could open the way towards $1,862.

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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