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Spot gold may test resistance at $1,830

  • Deep as it, the correction triggered by the resistance at $1,830 is gradually reversed
Published January 5, 2022

SINGAPORE: Spot gold may test a resistance at $1,830 per ounce, a break above could lead to a gain to $1,848.

The metal is riding on a wave C from $1,753.30, which is expected to travel to $1,850, its 61.8% projection level. This wave also observes closely a set of retracements of the fall from $1,876.90.

Deep as it, the correction triggered by the resistance at $1,830 is gradually reversed. The reversal signals a continuation of the wave C. A break below $1,801 could open the way towards $1,782.

Gold slips from six-week high on equities strength

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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