TECHNICALS-Spot gold may end rise around $2,665

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* For more technical analyses, click TECH/C SINGAPORE, Nov 21 (Reuters) - Spot gold XAU= may end its rise around resistance at $2,665 per ounce, as a five-wave cycle from $2,536 is reaching its peak. The final wave of the cycle, the wave 5, is unfolding. This wave is expected to be roughly equal to the wave 1, to end around $2,665, the 50% retracement of the downtrend from $2,793. A rising trendline points at a higher target of $2,675. Support is at $2,646, a break below which could trigger a drop into the $2,624 to $2,638 range. On the daily chart, a retracement analysis on the uptrend from $2,295 marks resistance of $2,676, which is near $2,675 (hourly chart). This resistance is likely to work together with the barriers on the hourly chart to trigger a good correction. * 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/48WJpoV tech https://tmsnrt.rs/4fBL0mC ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu) (([email protected]; +65 6973 8364/9188 4196))
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Published Date
21 Nov 2024 at 10:40 AM
Publisher
Refinitiv
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