SINGAPORE: A bearish target at $1,265 per ounce remains unchanged for spot gold, as it has been staying below a support at $1,281 after breaking this level.
The support is at the 61.8 percent Fibonacci retracement on the rise from the June 2 low of $1,240.69 to the July 10 high of $1,345. A pullback towards this former support could have completed and gold is poised to fall towards the next support at $1,265, the 76.4 percent level.
Strategically, the target will be confirmed when gold falls below $1,273. A rise to $1,284 will signal the break below the support at $1,281 was false, and a rebound target will be established at $1,293, the 50 percent retracement.
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.