Spot gold may retest $1,783, hovers around resistance of $1,800
- Under both scenarios, gold may drop to $1,783 again
SINGAPORE: Spot gold may retest a support at $1,783 per ounce, a break below could cause a fall towards $1,764.
The metal failed a few times to break a resistance at $1,814.
The failures suggest a completion of the rise from $1,720.49 or an extended consolidation from the Oct. 22 high of $1,813.64.
Under both scenarios, gold may drop to $1,783 again.
Spot gold may retest $1,813, bullish triangle spotted
A break above $1,814 could confirm the continuation of the uptrend towards $1,826.
On the daily chart, the metal seems a bit lost around a resistance at $1,800. False break above this level contradicts a pullback towards a falling trendline.
It is such a messy phase. The confusion could be cleared when a big white or black candle forms.
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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