SINGAPORE: Spot gold looks neutral in a range of $1,815-$1,830 per ounce, and an escape could suggest a direction.
The bias could be towards the upside, as the metal is riding on 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 could cause a further fall to $1,801, while a break above $1,830 could lead to a gain to $1,848.
Gold slips as yields edge up, Fed rate hikes loom
On the daily chart, the uptrend remains steady within a rising channel, which suggests a target around $1,920.
A realistic target will be either $1,849 or $1,877.
The rise consists of five waves. The wave e is unfolding towards $1,849-$1,877 range.
This wave structure suggests the development of a big flat from $1,677.61, which may turn out to be a bearish continuation pattern upon its completion.
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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