SINGAPORE: Spot gold is expected to fall to $1,818, as it has broken a support at $1,840 per ounce.
The support is identified as the 23.6% projection level of a downward wave C from $1,874.86. This wave is capable of travelling to $1,783.
The next support will be at $1,818, a break below which could open the way towards $1,761. Resistance is at $1,853, a break above which could lead to a gain to $1,864.
On the daily chart, gold has cleared a support at $1,841, the 38.2% projection level of a downward wave C from $1,959, which is almost identical to $1,840 (hourly chart).
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.
Comments
Comments are closed.