SINGAPORE: Spot gold may stabilise around a support at $1,801 per ounce, and test a resistance at $1,815.
The metal is riding on a wave C from $1,753.30, which is expected to travel to $1,850, its 61.8% projection level.
The big loss on Monday is expected to be slowly recovered.
The current rise observes closely a set of retracements of the fall from $1,876.90.
The support at $1,801 is expected to hold and stop the fall.
A break below $1,801 could open the way towards $1,782.
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.