SINGAPORE: Spot gold is expected to rise to $1,361 per ounce, as it has completed a consolidation and resumed its uptrend.
The consolidation has been shaped into a triangle, which has been confirmed as a continuation pattern, because its upper trendline has been broken.
A Fibonacci projection analysis reveals a target at $1,361, the 100 percent level based on the rise from the July 5 low of $1,207.50 to the July 11 high of $1,298.36.
Support is at $1,323, a break below which will make the triangle invalid, and the target at $1,361 has to be aborted. A further dip to $1,316 will signal a bearish reversal of the uptrend, with a target to be established at $1,290.
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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