Spot gold may edge up to $1,200

The Financial Daily - - NATIONAL -

SIN­GA­PORE: Spot gold may break a re­sis­tance at $1,195 per ounce and edge up to the next re­sis­tance at $1,200, as it has tem­po­rar­ily bot­tomed around a sup­port at $1,182.

These re­sis­tances are iden­ti­fied as the 38.2 per­cent and the 23.6 per­cent pro­jec­tion lev­els of a down­ward wave C from $1,208.23.

It seems that gold is sand­wiched be­tween two trend­lines that are con­tract­ing to­wards a point. Af­ter fail­ing to break the lower trend­line, it has been bounc­ing to­wards the up­per trend­line.

It must be noted that the wave C is far from com­plete. It is ca­pa­ble of trav­el­ling to $1,174. As a re­sult, bulls are ad­vised not to take much fancy on the cur­rent rise. A break be­low $1,187 could con­firm the con­tin­u­a­tion of the wave C to­wards $1,174.

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