SINGAPORE: Spot gold is expected to break a resistance at $1,386 per ounce and rise more to $1,403.
The resistance is provided by the 100 percent Fibonacci projection level of an upward wave 3, which started at the Aug. 14 low of $1,315.94. This wave is capable of travelling a much longer distance than the preceding wave 1, to arrive at $1,430 - its 161.8 percent Fibonacci projection level, over a few trading sessions.
But a more realistic target could be $1,403, the 123.6 percent projection level.
Support is at $1,374, a break below which will trigger a further loss to $1,357.
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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