AVN 67.60 Increased By ▲ 0.50 (0.75%)
BAFL 30.99 Decreased By ▼ -0.01 (-0.03%)
BOP 4.91 Increased By ▲ 0.01 (0.2%)
CNERGY 3.74 Decreased By ▼ -0.04 (-1.06%)
DFML 14.03 Decreased By ▼ -0.40 (-2.77%)
DGKC 41.11 Decreased By ▼ -0.74 (-1.77%)
EPCL 46.58 Increased By ▲ 0.01 (0.02%)
FCCL 11.60 Decreased By ▼ -0.09 (-0.77%)
FFL 5.03 Decreased By ▼ -0.04 (-0.79%)
FLYNG 5.85 Increased By ▲ 0.05 (0.86%)
GGL 10.34 Decreased By ▼ -0.08 (-0.77%)
HUBC 68.04 Increased By ▲ 0.04 (0.06%)
HUMNL 5.74 Decreased By ▼ -0.02 (-0.35%)
KAPCO 28.02 Decreased By ▼ -0.08 (-0.28%)
KEL 2.26 Decreased By ▼ -0.03 (-1.31%)
LOTCHEM 25.02 Decreased By ▼ -0.03 (-0.12%)
MLCF 21.45 Decreased By ▼ -0.24 (-1.11%)
NETSOL 87.66 Increased By ▲ 1.66 (1.93%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.00 Decreased By ▼ -0.09 (-0.81%)
PIBTL 4.26 Increased By ▲ 0.02 (0.47%)
PPL 81.12 Increased By ▲ 0.97 (1.21%)
PRL 13.23 Decreased By ▼ -0.41 (-3.01%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 43.85 Increased By ▲ 0.38 (0.87%)
TELE 6.12 Increased By ▲ 0.16 (2.68%)
TPLP 15.66 Decreased By ▼ -0.07 (-0.45%)
TRG 118.99 Increased By ▲ 3.98 (3.46%)
UNITY 14.01 Increased By ▲ 0.16 (1.16%)
WTL 1.23 Increased By ▲ 0.07 (6.03%)
BR100 4,171 Increased By 47 (1.14%)
BR30 15,253 Increased By 323.5 (2.17%)
KSE100 41,523 Increased By 332 (0.81%)
KSE30 15,663 Increased By 168.9 (1.09%)
Follow us

SINGAPORE: Spot gold may revisit its Nov. 15 high of $1,786.35 per ounce, driven by a wave c. This wave has travelled above its 100% projection level of $1,775.

It has a better chance of extending into $1,789-$1,798 range.

However, the wave c sometimes ends around its 114.6% projection level.

It is thus critical that gold remains above a support at $1,767 to fulfil its target of $1,786.35.

A break below $1,767 may confirm the completion of the wave c.

A bearish target of $1,739 will be established accordingly. On the daily chart, gold looks neutral in a range of $1,721-1,788.

Spot gold may revisit Nov 23 low of $1,727.50

A break above $1,788 could confirm a small double-bottom and a target of $1,842, while a failure will be followed by a drop towards $1,721.

Most likely, gold would fail to break $1,788, which is near the top of a wave b.

Wave theory indicates that the top works as a strong resistance.

Comments

Comments are closed.

Spot gold may revisit Nov. 15 high of $1,786.35

Rupee falls 0.35%, settles at 276.28 against US dollar

Government postpones All Parties Conference again as PM will be in Turkiye

KSE-100 rises 0.81% on optimism over resolution of gas sector circular debt

Up to $5mn smuggled into Afghanistan from Pakistan daily: report

PM Shehbaz orders establishment of relief fund to aid Turkiye

Debt reprofiling viable option for Pakistan under IMF watch: report

Adani-owned NDTV's profit more than halves on advertising drop

US trade deficit widens in 2022 to record on strong imports

Islamabad court rejects Sheikh Rashid’s bail petition

Former president Pervez Musharraf laid to rest in Karachi: ISPR