SINGAPORE: Spot gold may hover above a support at $1,279 per ounce for one trading session or rebound moderately to $1,298 before falling to the April 24 low of $1,268.24.
The support is provided by the 76.4 percent Fibonacci retracement on the rise from $1,268.24 to the May 5 high of $1,315.60. It works as the last barrier towards $1,268.24.
A further gain from the current level may be limited to $1,298, the 38.2 percent level, as a downward wave (c) that developed from $1,315.60 is far from complete.
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 his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Comments
Comments are closed.