Spot gold may retest resistance at $1,810
- Only a fall below $1,795 could confirm the extension of the wave c towards its ultimate target of $1,785
SINGAPORE: Spot gold may retest a resistance at $1,810 per ounce, a break above which could lead to a gain into $1,815-$1,825 range.
The metal failed twice to break a support at $1,795.
The failures suggest the completion of a wave c from $1,824.75.
Indeed, the whole correction from $1,833.65 could have completed.
Only a fall below $1,795 could confirm the extension of the wave c towards its ultimate target of $1,785.
Gold prices hits over one-week low in Asia
On the daily chart, the metal is suffering from a weak momentum. Signals are a bit mixed.
However, candlesticks with lower shadows appeared on Wednesday and Thursday. They represent good support slightly above $1,784.
A wave c from $1,749.20 is poised to resume. It looks incomplete, as it is capable of travelling into $1,897-$1,988 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.
Comments
Comments are closed.