SINGAPORE: Spot gold may peak around a resistance at $1,321 per ounce, as indicated by a double-zigzag and a Fibonacci retracement analysis.
The pattern will consist of seven waves in total, with the last wave labelled c unfolding towards $1,321, the 38.2 percent Fibonacci retracement on the fall from the March 17 high of $1,391.76 to the April 1 low of $1,277.29.
These seven waves have been developing within a rising channel, the upper channel line of which will exert strong resistance around $1,321 as well, to force gold to fall towards the lower channel line about $1,304, the 23.6 percent retracement.
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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