SINGAPORE: Spot gold nonetheless targets a variety of $1,956-$1,969 per ounce, as it’s using on a wave C. This wave is anticipated to journey right into a zone of $1,963-$2,004.
A projection evaluation on the uptrend from $1,738.30 reveals extra fine-tuned targets.
Gold has damaged a resistance at $1,942. The break opened the best way in direction of $1,956-$1,969. Instant assist is at $1,933, a break under which may trigger a drop into $1,905-$1,919 vary.
On the every day chart, the metallic has cleared a resistance at $1,938. It’s heading in direction of $1,963.
A retracement evaluation on the autumn from $2,069.89 to $1,613.60 reveals a goal zone of $1,962-$2,008, which largely overlaps the vary of $1,963-$2,004.
Spot gold could rise into $1,956-$1,969 vary
An honest correction could happen round $1,963, which is strengthened by the resistance at $1,962.