Spot gold may retest support $1,773

CUE API | Updated on: Aug 16, 2022

The deep fall on Monday confirmed a reversal of the uptrend

SINGAPORE Spot gold may retest a support $1,773 per ounce, a break below which may cause a fall into a range of $1,767-$1,773.

The deep fall on Monday confirmed a reversal of the uptrend from $1,680.25. Over the next few days, gold is expected to drop towards a wide range of $1,711-$1,754, formed by the bottoms of the wave b and the wave d.

A break above $1,784 may lead to a gain to $1,794. It will also make the target zone temporarily unavailable. A break below $1,773 could confirm a target range of $1,756-$1,767.

On the daily chart, gold failed to break both a falling trendline and a strong resistance at $1,801. The failure would result in either a deep correction or a continuation of the downtrend.

Immediate target could be $1,755 while a lower target will be $1,727.

Published on August 16, 2022
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