SINGAPORE: Spot gold may consolidate in a range of $1,213-$1,229 per ounce for one trading session before falling again.
The range has been formed by the 61.8 percent and the 38.2 percent Fibonacci projection level of a downward wave (3), which may easily travel to $1,188, its 100 percent projection level.
A break below $1,213 will make an immediate target available at $1,204, the 76.4 percent level.
A further rebound from the current level may be capped at $1,229.
Note: There will be no reports from Dec. 5 to Dec. 20. Reports will resume on Dec. 23.
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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