SINGAPORE: Spot gold is expected to test a resistance at $1,304 per ounce, a break above which will lead to a further gain to $1,321.
The resistance has been identified as the 23.6 percent Fibonacci retracement on the fall from the March 17 high of $1,391.76 to the April 1 low of $1,277.29. It blocks the way towards the 38.2 percent retracement at $1,321.
Wave pattern shows that the rebound from $1,277.29 is driven by a wave c, which may eventually travel to $1,321, assuming that the preceding wave b ended at the Monday low of $1,295.19.
A break below this low will signal an extension of the wave b towards $1,288.
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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