Technicals: Spot gold may revisit Oct. 30 high of $2,790

Rush Street Interactive

24/01/2025 03:00

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       SINGAPORE, Jan 24 (Reuters) - Spot gold  XAU=  may
revisit its Oct. 30 high of $2,790 per ounce, as it has cleared
resistance at $2,747, the last barrier towards $2,790.
    The uptrend is believed to have resumed within a rising
channel, which suggests a target of around $2,930. A realistic
target is $2,822.
    A break below $2,747, now a support, may cause a fall to
$2,700. A further drop will be bearish, as it signals the
formation of a double-top around $2,785.
    On the hourly chart, the contract has touched a fresh high,
which confirms the continuation of the uptrend from $2,596. A
projection analysis on the trend from $2,596 reveals a target of
$2,798, which is close to $2,790 on the daily chart.
    The sudden surge on Jan. 24 highlights the explosive nature
of this wave 3, which could travel far above $2,798.
  
    * Wang Tao is a Reuters market analyst for commodities and
energy technicals. The views expressed are his own.
    ** No information in this analysis should be considered as
being business, financial or legal advice. Each reader should
consult their own professional or other advisers for business,
financial or legal advice regarding the products mentioned in
the analyses.

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 (Reporting by Wang Tao; Editing by Savio D'Souza)
 ((wang.tao@tr.com; +65 6973 8364/9188 4196))