Spot gold may test resistance at $1,826
- A drop below $1,808 again may signal the break above the trendline was false
SINGAPORE: Spot gold may test a resistance at $1,826 per ounce, a break above which could lead to a gain at $1,841.
The metal has completed a pullback towards a falling trendline. It has resumed its uptrend towards a range of $1,826-$1,856.
A drop below $1,808 again may signal the break above the trendline was false. A further drop below $1,797 could confirm a reversal of the uptrend from the Aug. 9 low of $1,684.37.
On the daily chart, the metal has managed to stabilise above a support at $1,800.
Spot gold may retest resistance at $1,826
It is expected to test the resistance at $1,828, as the current rise is regarded as a part of a big flat pattern from $1,677.61.
The flat pattern consists of three waves that are roughly equal.
The current wave c may eventually travel close to $1,916.
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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