SINGAPORE: Spot gold is poised to fall into a range of $1,929-$1,947 per ounce, driven by a wave c. This wave paused briefly around a support of $1,957 and experienced a short-lived bounce towards $1,985.
After these hiccups, it is firmer on its way towards $1,929. Five smaller waves have been making the wave c.
The wave 5 is unfolding towards the target zone. As long as the metal hovers below a falling trendline, the downtrend will be deemed intact.
Resistance is at $1,970, a break above which could lead to a gain into $1,975-$1,984 range. On the daily chart, a target of $1,939 remains intact, which is pointed by a rising trendline.
Spot gold may rise into $1,992-$2,003 range before falling
A retracement analysis on the uptrend from $1,613.60 indicates a lower target zone from $1,843 to $1,897.
If the current fall is incorporated into a big triple-top developing from the 2020 high of $2,072.50, the target of $1,943 would look too conservative, as market may eventually dive to $1,614.
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