SINGAPORE: Spot gold is expected to start a retracement after edging higher into a resistance zone of $1,731-$1,736 per ounce.
The zone is formed by the 61.8 percent Fibonacci projection level of an upward wave "c" and the 76.4 percent Fibonacci retracement on the fall from $1,802.60 to $1,521.94.
The metal failed to reach this zone at its first attempt, but it could be successful at its second attempt.
However, the surge from the Wednesday low of $1,648.69 could be too sharp to sustain, so a correction is due, which could drive the metal down to $1,695, the 61.8 percent retracement.
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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