SINGAPORE: Spot gold may drop to $1,341 per ounce, as it failed to stay above a resistance zone of $1,375-$1,377.
The zone has been formed by the 76.4 percent Fibonacci retracement on the fall from $1,433.31 to the Dec. 31, 2013 low of $1,184.50 and the 76.4 percent Fibonacci projection level of an upward wave C.
Gold's quick slide below $1,374 simply signals a false break above the zone.
Immediate support will be at $1,341, the 61.8 percent projection level, a break below which could even lead to a further loss to $1,311, the 50 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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