Spot gold may stabilise around $1,782 and rise
- A break below $1,782 could open the way towards $1,753-$1,772 range
SINGAPORE: Spot gold may stabilise around a support at $1,782 per ounce and rise into a range of $1,801-$1,815.
The sharp fall over the past two days is temporarily classified as a correction against the rise from $1,753.30. It forms a part of a big wave C that may travel to $1,877.
The correction is supposed to end around the bottom of the wave b of $1,782, where the wave C would resume. A break below $1,782 could open the way towards $1,753-$1,772 range.
On the daily chart, the metal is biased to rise towards the upper trendline of a wedge, only that the course will be zigzagging.
Spot gold may rise into $1,828-$1,830 range
The rise has been tightly controlled by a set of retracements on the uptrend from $1,684.37.
Support is at $1,780, close to $1,782 (hourly chart), a break below which could open the way towards $1,758.
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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