SINGAPORE: Spot gold may test a support at $1,924 per ounce, with a good chance of breaking below this level and falling towards $1,898.
The metal is presumed to be riding on a wave c from $1,965.40.
This wave has been disrupted by a support at $1,898, its 38.2% projection level.
However, the wave c is capable of travelling to $1,857.
It is expected to resume to overcome the barrier at $1,898. Key resistance is at $1,965, a break above which could lead to a gain to $2,001.
On the daily chart, signals are a bit mixed as gold is stuck in a neutral range of $1,890-$1,959.
The consolidation in the range may either turn out to be a bottom pattern or a continuation pattern. Signals on the hourly chart suggest a downside bias.
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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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