Spot gold may test resistance at $1,830
- On the daily chart, gold is rising towards a falling trendline, which suggests a target around $1,850.
SINGAPORE: Spot gold may test a resistance at $1,830 per ounce, a break above which could lead to a gain to $1,847.
The metal is riding on a powerful wave (iii), which is capable of travelling to $1,876. A realistic target will be $1,847.
Gold has broken a lower resistance at $1,816. It is unlikely to fall below this level, as the wave (iii) has a fierce character and may not be disrupted by any decent correction.
A drop below $1,811 could prove the break above $1,816 to be false. A bearish target of $1,802 will be established accordingly.
On the daily chart, gold is rising towards a falling trendline, which suggests a target around $1,850.
The analysis on the hourly chart indicates a break above the trendline.
More than 61.8% of the drop from $1,875.26 has been reversed. Chance are this high may be revisited soon.
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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