Spot gold may retest resistance at $1,802
- On the daily chart, the current correction is expected to be much shallower than the one from the April 22 high of $1,797.67.
SINGAPORE: Spot gold may retest a resistance at $1,802 per ounce. A break could lead to a gain to $1,816.
The metal failed again to break this resistance. The failure could be due to the completion of a five-wave cycle from $1,755.81.
These waves make a part of a bigger wave C, which may at least travel to $1,830.
The steep correction against this wave could have completed around a support at $1,773.
A break above $1,784 could be the first signal that the wave c has resumed. A break below $1,733 could open the way towards $1,756-$1,764 range.
On the daily chart, the current correction is expected to be much shallower than the one from the April 22 high of $1,797.67.
These corrections are due to a resistance at $1,799, a break above could lead to a gain into $1,828-$1,875 range.
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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