Spot gold may break a resistance at $1,291 per ounce and edge up to the next resistance at $1,299.
These resistances are identified as the 61.8 percent and the 50 percent projection levels of a downward wave C from $1,324.33.
The bounce from the April 23 low of $1,265 consists of three waves.
A rising trendline points at a target range of $1,291-$1,299. A break below $1,274 could signal the continuation of the wave C towards $1,258.
On the daily chart, gold is retesting a resistance at $1,284. It is expected to overcome this barrier and edge towards a trendline resistance around $1,297, which falls within the range of $1,291-$1,299
(No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analysis)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.