SINGAPORE: Spot gold is expected to fall further into a support zone of $1,249-$1,251.66 per ounce, and a break below $1,249 will open the way towards $1,223.
A Fibonacci retracement on the rise from the Oct. 15 low of $1,251.66 to the Oct. 28 high of $1,361.60 reveals that the current downtrend has extended below a support at $1,278, the 76.4 percent level. There won't be any other support until gold reaches $1,251.66.
A wave pattern shows that gold is riding a powerful wave (C), which is heading towards its 61.8 percent Fibonacci projection level at $1,249.
A further rebound from the current level may be limited to $1,278.
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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