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Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,777
1024hr
Pakistan Cases
1,287,161
33624hr
0.78% positivity
Sindh
476,830
Punjab
443,519
Balochistan
33,507
Islamabad
107,930
KPK
180,383

SINGAPORE: Spot gold may extend its bounce towards a range of $1,803-$1,817 per ounce, following its stabilisation around a support at $1,786.

The support is strengthened by a similar one established by a rising trendline.

Coincidentally, a five-wave cycle ended around these supports.

The drop from $1,5876.90 is so enough that it confirms a reversal of the trend from $1,720.49. As a result, the current bounce may be weak, to end below $1,817.

Gold price increases by Rs2,500 in local market

A break below the trendline support around $1,780 could confirm the continuation of the downtrend towards $1,758.

On the daily chart, both a wedge and the wave pattern suggest a medium-term target of $1,684.

The doji on Wednesday signals a temporary completion of the steep fall.

The main activity over the next few days could be a slow bounce.

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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