Spot gold may retest support at $1,792
- A duplicated lower channel suggests a target around $1,753
SINGAPORE: Spot gold may retest a support at $1,792 per ounce, a break below which could cause a fall to $1,777.
The metal has fallen below a rising channel.
A duplicated lower channel suggests a target around $1,753.
A further observation is still needed to confirm this target.
Currently, a support at $1,792 holds firm.
Spot gold may retest resistance at $1,850
It triggered a pullback towards the upper channel. The pullback is supposed to end around $1,803.
A further rise could signal the break below the rising channel was false.
A bullish target zone of $1,815-$1,830 will be established then.
On the daily chart, a retracement analysis on the uptrend from $1,684.37 shows a break below a support at $1,803.
The break opened the way towards $1,781. Chances are the third black candlestick would form on Friday.
The metal may stabilize around a support at $1,781, probably to resume its uptrend thereafter, as indicated by a rising channel.
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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