AIRLINK 193.95 Increased By ▲ 0.45 (0.23%)
BOP 9.76 Increased By ▲ 0.12 (1.24%)
CNERGY 7.59 Increased By ▲ 0.06 (0.8%)
FCCL 37.68 Decreased By ▼ -0.02 (-0.05%)
FFL 15.66 Increased By ▲ 0.06 (0.38%)
FLYNG 25.93 Increased By ▲ 0.34 (1.33%)
HUBC 128.82 Increased By ▲ 1.75 (1.38%)
HUMNL 13.51 Increased By ▲ 0.01 (0.07%)
KEL 4.58 No Change ▼ 0.00 (0%)
KOSM 6.25 Increased By ▲ 0.15 (2.46%)
MLCF 43.97 Increased By ▲ 0.01 (0.02%)
OGDC 205.30 Increased By ▲ 2.06 (1.01%)
PACE 6.45 Increased By ▲ 0.05 (0.78%)
PAEL 40.65 Decreased By ▼ -0.33 (-0.81%)
PIAHCLA 17.44 Decreased By ▼ -0.05 (-0.29%)
PIBTL 7.76 Increased By ▲ 0.10 (1.31%)
POWER 9.17 Increased By ▲ 0.09 (0.99%)
PPL 176.20 Increased By ▲ 1.95 (1.12%)
PRL 38.10 Increased By ▲ 0.03 (0.08%)
PTC 24.55 Increased By ▲ 0.48 (1.99%)
SEARL 107.39 Increased By ▲ 0.15 (0.14%)
SILK 0.98 Increased By ▲ 0.01 (1.03%)
SSGC 36.65 Increased By ▲ 0.25 (0.69%)
SYM 19.03 Decreased By ▼ -0.01 (-0.05%)
TELE 8.39 Increased By ▲ 0.15 (1.82%)
TPLP 12.06 Increased By ▲ 0.28 (2.38%)
TRG 66.00 Increased By ▲ 1.12 (1.73%)
WAVESAPP 11.87 Increased By ▲ 0.24 (2.06%)
WTL 1.68 No Change ▼ 0.00 (0%)
YOUW 3.95 Increased By ▲ 0.10 (2.6%)
BR100 11,833 Increased By 65.5 (0.56%)
BR30 35,262 Increased By 297.9 (0.85%)
KSE100 112,261 Increased By 773.8 (0.69%)
KSE30 35,191 Increased By 256.8 (0.74%)

SINGAPORE: Spot gold may seek a support around $1,708 per ounce, before retesting a resistance at $1,727, as suggested by its wave pattern.

The uptrend has been developing within a rising channel, which suggests a target around $1,708. The current correction seems to be driven by a wave 4, which will be reversed by the wave 5.

A break above $1,727 may lead to a gain to $1,735-$1,745 range, while a break below $1,708 could open the way towards $1,696-$1,701 range.

On the daily chart, gold failed to break a resistance at $1,733, It may retrace to $1,709, which is near $1,708 (hourly chart).

Spot gold may retest support at $1,659

The metal may struggle in the range of $1,709 to $1,733 for one or two days before resuming its downtrend within a falling channel, as the rise from the Sept. 28 low of $1,613.60 may have been driven by a wave x, the eighth wave of a triple-zigzag.

Comments

Comments are closed.