TECHNICALS-Spot gold may revisit Sept. 6 high of $2,529

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* For more technical analyses, click TECH/C SINGAPORE, Sept 11 (Reuters) - Spot gold XAU= may revisit its Sept. 6 high of $2,529 per ounce, as it has briefly pierced above the last barrier of $2,521 towards this high. The overall picture still remains unclear, as the metal is consolidating within a range of $2,472 to $2,529. The consolidation may turn out to be a continuation pattern, followed by a strong surge, or a top pattern, which precedes a deep fall. The subsequent direction will largely depend upon how this consolidation is going to end. A bullish outlook will not be established until the metal stands firm above $2,529, while a bearish view will only be formulated when gold breaks $2,472. On the daily chart, it is the resistance at $2,511 that stopped the uptrend. Market seems biased to rise than to fall, as the support at $2,473 withstood the bears' attacks twice and the metal is slowly approaching the recent high of $2,529. * Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. ** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ xau https://tmsnrt.rs/3TnvaTs tech https://tmsnrt.rs/3zqj5Ge ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Mrigank Dhaniwala) (([email protected]; +65 6973 8364/9188 4196))
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Published Date
11 Sep 2024 at 10:39 AM
Publisher
Refinitiv
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