Gold & Silver

Spot gold may bounce to $1,575 before falling

Reuters Singapore Jan 9 | Updated on January 09, 2020 Published on January 09, 2020

Spot gold still targets $1,497/oz.   -  Bloomberg

Spot gold may bounce moderately to a resistance at $1,575 per ounce before turning around and testing a support at $1,553.

The deep fall from the Wednesday high of $1,610.90 suggests a reversal of the uptrend from the $1,458.17. The pattern from Jan. 6 looks like a head-and-shoulders, the right shoulder of which is developing.

Most likely, this right shoulder would end around $1,575. Support is at $1,553, a break below which could cause a fall to $1,535.

On the daily chart, a shooting star formed on Wednesday. It suggests a further slide towards $1,524, the 138.2% projection level of an uptrend from $1,265.90

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on January 09, 2020
This article is closed for comments.
Please Email the Editor