SINGAPORE: Spot gold is expected to fall to support at $1,229 per ounce, a break below which will lead to a further loss to $1,214.
Gold is riding a wave c, which has travelled below its 100 percent Fibonacci projection level at $1,253. This wave is unfolding towards its 138.2 percent at $1,229. In its full capacity, the wave c may extend further to $1,214, the 161.8 percent projection level.
Wave c has a fierce character, and may not be interrupted by any decent rebound until it reaches $1,229. A bounce from the current level may be limited to $1,253.
The views expressed are his own.
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