SINGAPORE: Spot gold may retrace towards a support at $1,825 per ounce again, as it seems to be temporarily topping around a resistance at $1,847.
The rise has been zigzagging. Each rise was immediately followed by a deep correction.
Gold failed twice to break $1,847.
It may pause its rise around this level and start a correction.
A break above $1,847 could lead to a gain into $1,861-$1,869 range.
On the daily chart, the slow rise from the Nov. 23, 2022 low of $1,727.50 to the Dec. 27, 2022 high of $1,832.99 is regarded as an accumulation process.
Spot gold may rise into $1,861-$1,869 range
Different from a normal flat consolidation, the slopping accumulation could be followed by a more powerful rally.
A small double-bottom forming around $1,616 suggests a target of $1,847.
Once the metal overcomes this barrier, it could extend its gains towards $1,891-$1,919.
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