Spot gold may retest resistance zone of $4,190-$4,194

By Reuters News

SINGAPORE, Oct 2 (Reuters) - Spot gold may retest a resistance zone of $4,190-$4,194 per ounce, a break above which could open the way towards $4,219.

A bounce from $4,112 may extend, following the metal's stabilisation around a support at $4,136. The bounce may consist of three waves.

The current wave c is capable of travelling above the peak of the wave a at $4,219. Immediate support is at $4,152, a break below which could trigger a fall into the $4,112-$4,136 range.

On the daily chart, the metal remains sideways within a narrow range of $4,122-$4,233. An escape could suggest a direction.

The bias might be towards the downside, as the market has broken a pivotal support at $4,233, the 61.8% retracement of the uptrend from $3,943 to $4,696.


* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on the Workspace platform, a London Stock Exchange product.

** 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.


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