SINGAPORE: Spot gold may break a resistance at $1,307 per ounce and rise further to $1,316, as its rebound from the April 24 low of $1,268.24 has extended.
The resistance has been formed at the 61.8 percent Fibonacci retracement on the fall from the April 14 high of $1,330.90 to $1,268.24. The chance of a break above the resistance could be high simply because gold has broken above a trendline descending from the March 17 high of $1,391.76.
A further gain to $1,331 will be likely should gold climb above $1,316. Retracement from the current level may be limited to $1,292, the 38.2 percent level.
The views expressed are his own.
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