SINGAPORE: Spot gold may end its current weak rebound from $1,277.29 around a resistance at $1,288 and then resume its fall towards $1,271.
The resistance has been established at the 76.4 percent Fibonacci projection level of a downward wave c that fell from the March 21 high of $1,342.43. This wave is expected to extend to its 100 percent projection level at $1,271.
A decent rebound may only occur when gold arrives at $1,271, as rebounds over the past weeks seemed to have merely started around key supports, such as the 50 percent level at $1,307, the 61.8 percent level at $1,299 and the 76.4 percent level.
Those rebounds were brief and weak, limited to the immediate higher Fibonacci projection levels.
A break above $1,288 may cause a further gain to $1,299.
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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