Gold Silver Reports (GSR ) – On the daily chart, the gain on Monday confirms a break above the former resistance at $1,238, the 14.6 percent projection level of a downward wave C from $1,366.07. The next Resistance will be at $1,305.
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Spot gold may rise into a range of $1,253 —$1,258 per ounce, as suggested by its wave pattern and a projection analysis.
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The metal is riding on a wave 5, the fifth wave of a five-wave cycle from $1,195.90.
A projection analysis suggests an ultimate target at $1,266, the 161.8 percent level of an uptrend from $1,210.65. A rising channel suggests a similar target. A more realistic target could be either $1,253 or $1,258.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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