SINGAPORE: Spot gold may break a resistance at $1,825 per ounce,and rise into a range of $1,836-$1,853, 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 capable of travelling to or above $1,872.
A retracement analysis on the fall from $1,853.67 reveals an immediate resistance at $1,825, which may not hold, as the metal may have accumulated enough momentum from its consolidation on Feb. 3 and Feb. 4.
Spot gold may rise into $1,825-$1,836 range
A break below $1,816 may be followed by a drop to $1,808. On the daily chart, gold has broken a resistance at $1,803.
It is rising towards $1,831.
The uptrend looks intact within a rising channel, which suggests an aggressive target around $1,940. A realistic is $1,849.
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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