Spot gold may fall to $4,084, breached support at $4,110
Spot gold may fall to $4,084 per ounce, as it has briefly pierced below the support at $4,110,
For more technical analyses, click TECH/C SINGAPORE, Oct 6 (Reuters) — Spot gold may fall to $4,084 per ounce, as it has briefly pierced below the support at $4,110. 8% level. The wave pattern suggests the development of a small wave c, which is expected to be as long as the wave a, to travel to $4,084. Resistance is at $4,152, a break above which may lead to a gain into the $4,178-$4,194 range.
On the daily chart, the metal has briefly pierced below a narrow range of $4,122-$4,233. A fall below this level looks more likely than a surge above it. 8% retracement, its chance to revisit the low of $3,943 has increased significantly. 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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