SINGAPORE: A bearish target of $1,611.80 per ounce will be confirmed if spot gold falls below the April 19 low of $1,630.80.
Although it is obvious that gold will fall to the April 4 low, as indicated by a falling channel and wave pattern on the hourly chart, it is still strategically important for support at $1,630.80 to be broken, as signals will be relatively neutral until the price escapes from a range of $1,630.80-$1,653.
A rise above $1,653 will extend to $1,670.
No information in this analysis should be considered as being business, financial or legal advice. 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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