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Spot gold may retest $1,849, pullback incomplete

  • Over the next few days, the metal may slide towards the range of $1,817 to $1,831
17 Nov, 2021

SINGAPORE: Spot gold may retest a support at $1,849 per ounce, a break below could cause a fall to $1,831.

A five-wave cycle from $1,757.63 is over, as confirmed by its wave structure and a retracement analysis, which reveals the precise support at $1,849.

Over the next few days, the metal may slide towards the range of $1,817 to $1,831.

Resistance is at $1,859, a break above could lead to a gain at $1,869.

Spot gold looks shaky around $1,870; pullback likely

On the daily chart, gold failed to break a resistance at $1,862. The failure triggered a pullback towards a falling trendline.

The pullback may extend to $1,828, around which, the uptrend is expected to resume.

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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