SINGAPORE: Spot gold may have found a support at $1,305 per ounce and hover above this level for a day or rebound moderately to $1,320 before dropping again.
The support is identified as the 38.2 percent Fibonacci retracement on the rise from June 3 low of $1,240.61 to the July 10 high of $1,345. Since the higher support at 1,320, the 23.6 percent retracement, has failed to stop the fall, the current support may temporarily hold it.
A drop to $1,302 could signal a break below the support at $1,305, and the 50 percent retracement at $1,293 will be targeted.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
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