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Spot gold may rise into $1,797-$1,805 range

  • The bounce around a support at $1,757 looks exceptionally strong
16 Dec, 2021

SINGAPORE: Spot gold may rise into a range of $1,797-$1,805 per ounce, driven by a wave c.

The bounce around a support at $1,757 looks exceptionally strong. It could be riding on a wave c, which is the third wave of an irregular flat.

This wave could be 1.618 times longer than the wave a, to arrive at $1,805. Strategically, this target will be confirmed when the metal breaks above a resistance at $1,785.

Support is at $1,773, a break below which could cause a fall into $1,753-$1,765 range. On the daily chart, the metal found a strong support at $1,758. It is expected to rise into $1,803-$1,831 range.

Spot gold may fall to $1,747

The downtrend is likely to resume upon the completion of the bounce, as the lower trendline of a wedge points to a target around $1,700.

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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