Spot gold may test support at $1,818
- On the daily chart, gold has broken a support at $1,841, the 38.2% projection level of a downward wave C from $1,959.01.
SINGAPORE: Spot gold may test a support at $1,818 per ounce, a break below which could cause a fall to $1,801.
The metal is riding on a wave C from $1,875.26, which may travel into a range of $1,726-$1,783, formed by its 100% and 61.8% projection levels.
A bearish pennant points at a target around $1,726 as well. Resistance is at $1,840, a break above which could lead to a gain into $1,853-$1,875 range.
On the daily chart, gold has broken a support at $1,841, the 38.2% projection level of a downward wave C from $1,959.01.
The metal may test the next support at $1,805, with a good chance of breaking below this level and falling towards $1,769.
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.