SINGAPORE: Spot gold may test a resistance at $1,920 per ounce, a break above which could open the way towards $1,940.
The metal is riding on a wave (c), which has travelled far above its 123.6% projection level of $1,902. It has a better chance of extending to $1,940.
This wave is a part of a bigger wave C from $1,753.30, which is expected to travel to $1,946, its 100% projection level.
Based on these projection analyses, it could be a natural conclusion that the uptrend may peak in the range of $1,940-$1,946.
Gold slips from 8-month peak as prospect of Ukraine summit dims appeal
Support is at $1,902, a break below which could cause a fall into $1,886-$1,893 range.
On the daily chart, gold is heading to $1,927, which is suggested by a projection analysis and a rising channel.
Slightly below $1,927 is the 61.8% retracement of the downtrend from $2,072.50 to $1,676. A correction may occur in the resistance zone of $1,921-$1,927.
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.