TECHNICALS-Spot gold may extend gains to $2,651

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* For more technical analyses, click TECH/C SINGAPORE, Jan 2 (Reuters) - Spot gold XAU= may extend gains to $2,651 per ounce, driven by a wave c. This wave has travelled above its 61.8% projection level of $2,630. It has a better chance of extending to the 100% projection level of $2,651. A retracement analysis on the downtrend from $2,726 to $2,583 reveals a more bullish target zone of $2,655 to $2,671. Support is at $2,623, a break below which could suggest the premature completion of the wave c. On the daily chart, the market managed to hover above support at $2,603. It may either remain flat above this level or bounce towards $2,676. A further gain towards $2,721 looks unlikely, as the metal is riding on a wave c, which is expected to travel into the $2,486 to $2,544 range. * 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/3W2AMUm tech https://tmsnrt.rs/41TsjqB ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu) ((wang.tao@tr.com; +65 6973 8364/9188 4196))
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Published Date
2 Jan 2025 at 11:57 AM
Publisher
Refinitiv
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