SINGAPORE: Spot gold looks neutral in a range of $1,243-$1,260 per ounce, and an escape will point to a direction.
The range has been formed by the 76.4 percent and the 61.8 percent Fibonacci projection levels of a downward wave (c) that started at the April 14 high of $1,330.90.
It is not clear that the rebound triggered by the support at $1,243 has completed and a rise above $1,261 will confirm the extension of this rebound towards $1,274, the 50 percent level.
A drop to $1,239 will signal a break below $1,243 and the continuation of the wave (c) towards $1,216, its 100 percent projection 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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