TECHNICALS-Spot gold may retest support of $2,012

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* For more technical analyses, click TECH/C SINGAPORE, Feb 13 (Reuters) - Spot gold XAU= may retest support of $2,012 per ounce, a break below which could open the way towards $2,002. The metal is riding on a wave C, which is expected to travel to $1,993. Three small waves make up this wave. A projection analysis reveals a target zone of $1,996-$2,002. The bounce triggered by the support of $2,012 seems to have ended around resistance at $2,021. The downtrend could have resumed towards $2,012. A break above $2,021 may lead to a gain into $2,024-$2,027 range. On the daily chart, gold is retesting support of $2,017 which looks vulnerable under repeated attacks by bears. Wave pattern suggests the progress of a wave c, which is travelling towards $1,973-$2,000 range. ** Charts are unavailable in emails received through "Alert". To view charts, key in the news code TECH/C . ** 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/42Fg3YT tech https://tmsnrt.rs/3UKTHDk ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu ) (([email protected]; +65 6973 8364/9188 4196))
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Published Date
13 Feb 2024 at 12:00 AM
Publisher
Refinitiv
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