SINGAPORE: Spot gold seems to have completed a rebound from the Aug. 2 low of $1,282.69 and is expected to revisit this low.
The rebound was triggered by a support at $1,284, the 38.2 percent Fibonacci retracement on a three-wave cycle that developed from the June 28 low of $1,180.71 to the July 23 high of $1,347.69.
This mathematical relation indicates gold may retrace below $1,282.69, as it could be rare that only 38.2 percent of a corrective cycle is reversed.
Resistance is at $1,315, the 50 percent Fibonacci retracement on the fall from $1,347.69 to $1,282.69, a break above which will lead to a further gain to $1,332, the 76.4 percent retracement.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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