SINGAPORE: Spot gold is expected to fall more to $1,213 per ounce, after a brief rebound to $1,229.
Wave pattern indicates that gold is riding on a downward wave (3)-3, which may eventually extend to $1,188, its 100 percent Fibonacci projection level.
The fall on Monday was too fast, causing a moderate pullback towards a resistance at $1,229, the 38.2 percent projection level. However, this pullback may end below $1,229 as well.
Immediate support is at $1,213, the 61.8 percent projection level, a break below which will lead to a further loss to $1,204, the 76.4 percent level.
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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