SINGAPORE: Spot gold will fall to $1,630 per ounce, as it has resumed a downtrend within a big channel.
The current high of the channel is at $1,680, the 38.2 percent Fibonacci retracement on the fall from $1,790.30 to $1,611.80, and the low is at $1,600, which will serve as a target for the next few trading sessions.
A more realistic target within 24 hours will be $1,630, pointed by the lower channel line of a small rising channel, which has been duplicated from an upper channel within which gold has been climbing since April 4.
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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