SINGAPORE: Spot gold is expected to test a resistance at $1,293 per ounce, with a good chance of breaking above this level and rising more to $1,305.
The metal has found a support at $1,280, which is provided by the 61.8 percent Fibonacci retracement on the rise from the June 3 low of $1,240.61 to the July 10 high of $1,345.
The support has triggered a rebound towards $1,305, the 38.2 percent retracement.
The immediate resistance at $1,293, the 50 percent level, may not be strong enough to stop the rebound.
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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