Technical analysis: Spot gold will return to its high point of $2956
On Thursday (March 6th) during the Asian session, spot gold fluctuated narrowly and is currently trading around $2916.30 per ounce.
Reuters technical analysts pointed out that as implied by the inverted head and shoulder shape, spot gold is expected to return to the high of $2956 per ounce on February 25th.
This pattern began to form from the low of $2888 on February 25. This pattern has almost been confirmed as gold is making its third attempt to break through the resistance level of $2927.
Once confirmed, the pattern will indicate a target of $3000. The support level is at $2909, and if it falls below this level, it may cause the price to drop to the range of $2879 to $2894.
On the daily chart, the contract is currently in wave (5) and may reach the peak of wave (3) at $2956 or further.
The predictive analysis shows that the target area is in the range of $3056 to $3131.
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights