SINGAPORE (Reuters): Spot gold is expected to retrace into a range of $1,938-$1,947 per ounce, following its failure to break a resistance at $1,964.
The failure marked the completion of the bounce from the Tuesday low of $1,931.76, or the first part of this bounce. In either case, gold may retrace towards $1,931.
The downtrend from $2,047.99 remains intact, as gold failed to break a falling trendline. A break above $1,964 may lead to a gain into the $1,975-$1,985 range.
On the daily chart, the bounce was triggered together by a rising trendline and a support of $1,939. Spot gold may retest support at $1,938.
The stabilization of the price around this level suggests two possibilities. One is a resumption of the uptrend towards $2,072. The other is a temporary consolidation followed by a deep drop.
The favoured scenario is a drop, as the metal is expected to slide to the bottom of the wave D at $1,804.
Humayun Khan PESHAWAR: A divisional bench of Peshawar High Court (PHC) comprised of Justice Ijaz…
Khaled Abou Zahr An exhibition of Western military equipment captured from Ukrainian forces by Russia…
Fady Halim and Joe Rached The growth of GCC cities has been remarkable. Between 1970…
Faisal J. Abbas There were a hectic but fruitful few days in Riyadh this week…
Broderick McDonald Across North America and Europe, the far-right Active Clubs movement is expanding at…
This website uses cookies.