SINGAPORE: Spot gold is expected to clear a resistance at $1,588 per ounce and head towards $1,629 thereafter.
A five-wave cycle has completed on the fall from $1,802.60 to $1,521.94, and a strong rebound from the Dec. 29, 2011 low will continue.
Based on a Fibonacci retracement analysis, gold may first touch $1,588, the 23.6 percent level and then $1,629, the 38.2 percent level.
Support is at $1,560, a break below which will trigger a further drop to $1,540.
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 for this article.