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Spot gold may retest resistance at $1,814

  • The metal is riding on a wave e, the fifth wave of a five-wave cycle from $1,720.49
25 Oct, 2021

SINGAPORE: Spot gold may retest a resistance at $1,814 per ounce, a break above could lead to a gain to $1,826.

The metal is riding on a wave e, the fifth wave of a five-wave cycle from $1,720.49.

This wave may travel to $1,826, as pointed by a rising trendline.

The sluggish rise from $1,720.49 proves to be frustrating to both bulls and bears. Neither a gain nor a loss could remain consistent. The only consistency is the metal's inconsistent behaviour.

Spot gold poised to rise into $1,795-$1,798 range, sentiment cautious

Will the surge to $1,826 be followed by a deep drop again? Most likely.

Support is at $1,783, a break below could signal a reversal of the uptrend.

A bearish target of $1,764 will be established accordingly.

On the daily chart, gold broke a falling trendline, and briefly pierced above a resistance at $1,800. Chances are it may rise towards $1,828.

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

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Abid Ismail Oct 25, 2021 11:37pm
It may retest $1836 as well technically. Bull has started.
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