GOLD
Spot gold regained traction and rallied above initial barrier at 1140, former high, posted on 28 Aug. The third wave of recovery rally from 1117 base, has commenced from 1125, yesterday’s higher low after completion of 1140/1125 corrective phase that also marks the second, corrective wave. According to the wave principles, Gold’s price could rise to 1149 target, triple-Fibonacci barrier: 100% expansion of the wave C; 61.8% retracement of 1169/1117 downleg and 50% of 1232/1077 descend, also daily Ichimoku cloud top. In extension above 1149 barrier, fresh gains may look for 1156, Fibonacci 138.2% expansion. Former top at 1140 is reinforced by rising daily 10SMA and marks immediate support, ahead of 1134, today’s low and the mid-point of 1125/1144, upleg, which is expected to contain corrective dips.
Res: 1144; 1149; 1156; 1172
Sup: 1140; 1134; 1125; 1117
Spot gold regained traction and rallied above initial barrier at 1140, former high, posted on 28 Aug. The third wave of recovery rally from 1117 base, has commenced from 1125, yesterday’s higher low after completion of 1140/1125 corrective phase that also marks the second, corrective wave. According to the wave principles, Gold’s price could rise to 1149 target, triple-Fibonacci barrier: 100% expansion of the wave C; 61.8% retracement of 1169/1117 downleg and 50% of 1232/1077 descend, also daily Ichimoku cloud top. In extension above 1149 barrier, fresh gains may look for 1156, Fibonacci 138.2% expansion. Former top at 1140 is reinforced by rising daily 10SMA and marks immediate support, ahead of 1134, today’s low and the mid-point of 1125/1144, upleg, which is expected to contain corrective dips.
Res: 1144; 1149; 1156; 1172
Sup: 1140; 1134; 1125; 1117
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