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Spot gold may fall into $1,756-$1,763 range

  • Only a rise above $1,788 could confirm the extension of the uptrend from the Aug. 9 low of $1,684.37
Published September 22, 2021

SINGAPORE: Spot gold may fall into a range of $1,756-$1,763 per ounce, as its bounce from the Sept. 20 low of $1,741.86 is ending.

The bounce could be broken down into three waves.

This is the typical structure of a bounce.

An extension of the bounce may be limited to a resistance at $1,782, which is strengthened by a similar one established by a falling trendline.

Only a rise above $1,788 could confirm the extension of the uptrend from the Aug. 9 low of $1,684.37.

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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