SINGAPORE: Spot gold may stay below a resistance at $1,309 per ounce or retrace to $1,298 as indicated by a Fibonacci projection analysis and a trendline.
The metal is riding on a wave c, the third wave of a three-wave cycle that developed from the April 24 low of $1,268.24.
This wave has been disrupted by the resistance at $1,309, a 61.8 percent Fibonacci projection level.
The resistance has been strengthened by another similar one exerted by the trendline falling from the April 14 high of $1,330.90.
A break above the resistance will lead to a further gain to $1,316, the 76.4 percent projection level.
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.
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