SINGAPORE: Spot gold is expected to break a support at $1,305 per ounce and fall more towards $1,296, as it has completed a consolidation caused by this support.
The support is provided by the 38.2 percent Fibonacci retracement on the fall from the July 10 high of $1,345 to Aug. 1 low of $1,280.40, blocking the way towards the 23.6 percent level at $1,296.
A drop to $1,303 could confirm the break below the support.
Resistance is at $1,313, the 50 percent retracement, a break above which may signal an extension of the preceding short uptrend from $1,280.40 towards $1,320, the 61.8 percent retracement.
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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