SINGAPORE: A bullish target at $1,377 per ounce remains unchanged for spot gold, as it has broken above a resistance zone of $1,338-$1,341.
The zone was formed by two resistances, at the 61.8 percent Fibonacci retracement on the fall from the Aug. 28 high of $1,433.31 to the Dec. 31 low of $1,184.50, and at the 61.8 percent Fibonacci projection level of an upward wave C that started at $1,184.50.
This wave seems to be unfolding towards the 76.4 percent projection level of $1,377. Before gold rises further, it may pull back to $1,341 moderately. Only a deeper drop below $1,338 could signal a false break above the resistance zone.
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.
Comments
Comments are closed.