Spot gold may extend gains to $1,671
MG News | September 30, 2022 at 10:40 AM GMT+05:00
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
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