Spot gold may extend gains to $1,671

MG News | September 30, 2022 at 10:40 AM GMT+05:00

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September 30, 2022: Spot gold may extend its gains to $1,671 per ounce, driven by a wave c.

This wave started at $1,640.30. It may either end around $1,671, or extend to $1,689.

Following its failure to travel above a resistance at $1,665, the wave c unfolds towards this level again.

Chances are this wave may overcome the barrier at $1,665 and develop towards $1,671.

A break below $1,659 could open the way towards $1,652.

On the daily chart, the metal found a strong support of $1,611, the 100% projection level of a wave C.

Even though it is too early to conclude that the wave C has completed, at least, a decent bounce is highly expected.

The resistance at $1,657 has been broken.

The next resistance will be at $1,686.

Reuters

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	62,290.00	62,565.00 60,790.00	120.00 0.19%
BRENT CRUDE	92.79	93.47 90.77	1.34 1.47%
RICHARDS BAY COAL MONTHLY	123.75	0.00 0.00	0.75 0.61%
ROTTERDAM COAL MONTHLY	134.30	134.30 132.00	1.35 1.02%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	89.80	90.42 87.39	1.60 1.81%
SUGAR #11 WORLD	13.92	14.10 13.86	-0.16 -1.14%