SINGAPORE: Spot gold may test a support at $1,700 per ounce, as it failed to break a resistance at $1,717.
The failure suggests a completion of a wave 4, the fourth wave of a downtrend from $1,765.39.
This wave is expected to be reversed by a downward wave 5.
A break above $1,717 may lead to a gain into $1,722-$1,728 range.
On the daily chart, the current fall is closely related to the preceding drop from $1,877.05.
Spot gold may test resistance at $1,700
A projection analysis reveals a support at $1,686, the 61.8% level, which temporarily stopped the fall.
The downtrend looks far from complete. It remains firm within a falling channel, which suggests a target around $1,582.
Comments
Comments are closed.