Spot gold may keep rising towards $1,856
- The strong move on Sept. 3 confirms the continuation of the wave (3), which may extend to $1,856 or $1,904
SINGAPORE: Spot gold may keep rising towards $1,856 per ounce, as it is riding on a powerful wave (3).
The strong move on Sept. 3 confirms the continuation of the wave (3), which may extend to $1,856 or $1,904.
A projection analysis on the uptrend from $1,716.57 reveals an immediate resistance at $1,833, which looks vulnerable in view of the fierce bullish momentum.
First support is at $1,823 while the second comes in at $1,815.
Spot gold may retest support at $1,775
A break below $1,807 could signal the reversal of the uptrend.
On the daily chart, the metal has more or less broken a resistance at $1,828. The break could open the way towards $1,862.
The current assumption is gold is riding on a wave B, the second wave of a flat pattern developing from $1,677.61. This wave is supposed to travel close $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.
Comments
Comments are closed for this article.