Technical analysis: Spot gold could test resistance at $3,335
Reuters technical analysis pointed out that spot gold could test the resistance level of $3,335 per ounce, and a break through this resistance level could lead to a rise to the range of $3,348 to $3,364.
The current rally is triggered by the key support level of $3,249, which is the 61.8% retracement level of the upward trend of $3,122 to $3,454. The rally could extend to the 38.2% retracement level of $3,327.
The downtrend line points to a more precise target of $3,335, which is the 50% forecast level for the C wave that started at $3,390. If gold climbs to $3,335, it could rise further to $3,350, the peak of the B wave.
A fall below the near-term support level of $3,306 could trigger a fall to the $3,280 to $3,295 range. The daily chart shows that gold is in the middle of a wave C trend and is expected to fall to at least $3,216, or lower, the $3,071 level.
However, the rally has broken through the resistance level of $3,306. A further rebound to $3,361 is possible in the future.
At 13:23 Beijing time, spot gold was trading at $3,328.93 per ounce.
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