Spot gold may test support at $1,716
- A break could lead to a gain into a range of $1,761 to $1,783. On the daily chart, gold is riding on a wave 4, which is ending around a falling trendline.
SINGAPORE: Spot gold may test a support at $1,716 per ounce, a break below could cause a fall into $1,669-$1,691 range.
The bounce from the March 8 low of 1,676.10 may have completed on Tuesday, following a failure of the metal to reach a resistance at $1,746.
The sideways move since Monday signals an exhaustion of the bounce. However, this period could be due to an accumulation of a strong bullish momentum as well, if gold could break $1,746 soon.
A break could lead to a gain into a range of $1,761 to $1,783. On the daily chart, gold is riding on a wave 4, which is ending around a falling trendline.
This wave will be reversed by a downward wave 5. These waves make up a part of a bigger wave C, which is supposed to at least travel to $1,651.
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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