SINGAPORE: Spot gold is expected to fall to its Aug. 1 low of $1,280.40 per ounce, as it has broken below a support at $1,297.
The support is at the 61.8 percent Fibonacci retracement on the rise from $1,280.40 to the Aug. 8 high of $1,322.60. The next support will be at $1,290, the 76.4 percent level, which could be ignored as a bearish triangle that has been forming since Aug. 15 points a target at $1,280.40.
A rebound from the current level may be limited to $1,302, the 50 percent retracement.
The views expressed are his own.
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