Spot gold may seek support around $1,708 before rising

MG News | October 05, 2022 at 10:01 AM GMT+05:00
October 5, 2022: Spot gold may seek a support around $1,708 per ounce, before retesting a resistance at $1,727, as suggested by its wave pattern.
The uptrend has been developing within a rising channel, which suggests a target around $1,708. The current correction seems to be driven by a wave 4, which will be reversed by the wave 5.
A break above $1,727 may lead to a gain to $1,735-$1,745 range, while a break below $1,708 could open the way towards $1,696-$1,701 range.
On the daily chart, gold failed to break a resistance at $1,733, It may retrace to $1,709, which is near $1,708 (hourly chart).
The metal may struggle in the range of $1,709 to $1,733 for one or two days before resuming its downtrend within a falling channel, as the rise from the Sept. 28 low of $1,613.60 may have been driven by a wave x, the eighth wave of a triple-zigzag.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 138,597.36 256.32M | -0.05% -68.14 |
ALLSHR | 85,286.16 608.38M | -0.48% -413.35 |
KSE30 | 42,340.81 77.13M | -0.03% -12.33 |
KMI30 | 193,554.51 76.19M | -0.83% -1627.52 |
KMIALLSHR | 55,946.05 305.11M | -0.79% -443.10 |
BKTi | 38,197.97 16.53M | -0.59% -225.01 |
OGTi | 27,457.35 6.73M | -0.94% -260.91 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 117,670.00 | 121,165.00 117,035.00 | -1620.00 -1.36% |
BRENT CRUDE | 69.23 | 70.77 69.14 | -0.29 -0.42% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 66.03 | 67.54 65.93 | -0.20 -0.30% |
SUGAR #11 WORLD | 16.79 | 17.02 16.71 | 0.05 0.30% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|