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Spot gold may retest support at $3,971

By Reuters News

SINGAPORE, Nov 12 (Reuters) - Spot gold may retest support at $3,971 per ounce, a break below which could open the way toward $3,945-$3,957 range.

A double-top has been confirmed, suggesting a target around $3,895. A series of projection levels based on the uptrend from $3,895 still work well as supports and resistances.

Immediate resistance is at $3,995, a break above which may lead to a gain into $4,009-$4,018 range. On the daily chart, wave pattern indicates the completion of a wave (4) and a progress of a wave (5).

The latter is capable of travelling below $3,870, the bottom of the wave (3).


* 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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