SINGAPORE: Spot gold may rebound moderately to $1,268 per ounce, as it has found a support at $1,260.
The support is provided by the 61.8 percent Fibonacci projection level of a downward wave (c), temporarily blocking the way towards the 76.4 percent level at $1,243.
The fall on Tuesday could be too sharp to sustain, making a good chance of a rebound around $1,260. This rebound is regarded as a pullback towards the April 24 low of $1,268.24, a rise above which may be limited to $1,274, the 50 percent level.
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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