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Spot gold may test resistance at $1,830

  • A break below $1,815, now a support, could cause a fall to $1,801
12 Jan, 2022

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

The metal has broken a lower resistance at $1,815. The next resistance will be at $1,830.

The rise is driven by a wave C, which is expected to travel to $1,850, its 61.8% projection level, or far above the peak of the wave A at $1,876.90.

A break below $1,815, now a support, could cause a fall to $1,801.

Spot gold may test resistance at $1,815

On the daily chart, the uptrend is developing within a rising channel, which suggests a target around $1,920.

A realistic target will be either $1,849 or $1,877.

Five small waves make up the uptrend. The fifth wave, the wave e, is unfolding towards these targets.

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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