SINGAPORE: Spot gold may revisit its Aug. 21 low of $1,273.06 per ounce, as the rebound from this level could have completed.
The completion has been indicated by a division of the rebound into three small waves labelled a, b, c, with the wave c having obviously peaked around a resistance at $1,290, the 23.6 percent Fibonacci retracement on the fall from the July 10 high of $1,345 to $1,273.06.
A break above $1,290 will confirm the extension of the rebound towards $1,301, the 38.2 percent retracement.
The views expressed are his own.
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