SINGAPORE: Spot gold may retest a support at $1,867 per ounce, with a good chance of breaking below this level and falling into $1,840-$1,856 range.
The metal is riding on a wave C, which consists of three smaller waves. The third wave, the wave c, is expected to travel to $1,839.
The bounce triggered by the support at $1,867 seems to have ended around a resistance at $1,893.
Immediate resistance is at $1,883, a break above could lead to a gain into $1,893-$1,910 range.
On the daily chart, an alternative wave count reveals the progress of a wave c which may travel to $1,818, its 100% projection level.
Spot gold may test resistance at $1,908
A rising trendline points at the same target. The long-shadowed shooting star on May 5 confirmed a completion of the bounce around a resistance at $1,908.
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.
Comments
Comments are closed for this article.