SINGAPORE: Spot gold may test a resistance at $1,803, as it has stabilised around a support at $1,792 per ounce.
The support is near the bottom of a wave b. The stabilisation around the support suggests a completion of the drop from $1,853.67.
The metal seems to be pulling back towards the upper channel.
A duplicated lower channel suggests a target of $1,753. A break above $1,803 would make the target of $1,753 invalid while a break below $1,777 could confirm this target.
Spot gold may rise to $1,860-$1,872 range
On the daily chart, a retracement analysis on the uptrend from $1,684.37 reveals a support at $1,781 which is working together with the one at $1,777 on the hourly chart.
Gold is expected to hover above the support at $1,781, and test a resistance at $1,803.
A rising channel would remain intact as long as the support at $1,781 holds.
The uptrend may keep on developing within this channel.
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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