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	108,265.00	113,390.00 108,020.00	-4475.00 -3.97%
BRENT CRUDE	67.46	67.94 67.29	-0.52 -0.76%
RICHARDS BAY COAL MONTHLY	88.70	88.70 88.70	-0.75 -0.84%
ROTTERDAM COAL MONTHLY	96.15	96.75 96.00	-0.40 -0.41%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	64.01	64.55 63.88	-0.59 -0.91%
SUGAR #11 WORLD	16.34	16.52 16.33	-0.14 -0.85%