SINGAPORE: Spot gold may bounce to $1,284 per ounce, as it has stabilized around a support at $1,274.
The support is provided by the 76.4 percent projection level of a downward wave c from $1,324.33. The bounce triggered by the support is tentatively regarded as a pullback towards the lower trendline of a triangle. It may end around $1,284. A break, however, could lead to a gain to $1,291.
A break below $1,274 could confirm the extension of the wave c towards $1,264, the 50 percent retracement on the uptrend from $1,180.34 to $1,346.73.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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