SINGAPORE: Spot gold may retest a support at $1,776 per ounce, as the bounce triggered by this level is classified as a pullback towards a trendline.
The pullback may have been driven by a wave x, the fourth wave of a double-zigzag. The wave x may have ended around $1,795. It will be reversed by a wave a.
A break above $1,795 could lead to a gain into $1,807-$1,814 range. On the daily chart, the metal is consolidating around a falling trendline.
Signals are rather mixed and will become clearer when gold gets out of a neutral range of $1,773-$1,800.
Spot gold may retest $1,776, false break above trendline
A break above $1,800 could open the way towards $1,828-$1,862 range while a break below $1,773 could confirm the continuation of the downtrend towards $1,739.
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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