SINGAPORE: Spot gold is expected to test $1,310 per ounce, as it has managed to stabilize around a resistance zone of $1,302-$1,304.
The zone has been formed by the 38.2 percent Fibonacci retracement on the fall from the March 21 high of $1,342.43 to the April 1 low of $1,277.29 and the 23.6 percent Fibonacci retracement on the fall from the March 17 high of $1,391.76 to the same low.
The next resistance will be at $1,310, the 50 percent retracement, a break above which will lead to a further gain to $1,321, the 38.2 percent retracement.
A fall below $1,300 will signal a failure to break the resistance zone and a bearish target at $1,293, the 23.6 percent retracement, will be established.
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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