SINGAPORE: Spot gold may break a resistance at $1,816 per ounce,and rise into a range of $1,825 to $1,836, driven by a wave C.
This is the third wave of a presumed three-wave cycle from the Aug. 9, 2021 low of $1,684.37. It is supposed to travel to or beyond $1,872.
A retracement analysis on the fall from $1,853.67 to $1,779.20 reveals some fine-tuned targets. The immediate target will be $1,825 or $1,836.
The only issue now is that the climb looks unstable. It has adopted a zigzagging mode.
As long as gold hovers above $1,797, the uptrend will keep intact.
Spot gold may rise into $1,816-$1,825 range
A break below $1,797 may open the way towards the range of $1,779 to $1,790.
On the daily chart, the metal has broken above a resistance at $1,803.
It is supposed to rise towards $1,831.
A rising channel suggests a much higher target around $1,940, which still looks too far away to be realistic.
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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