SINGAPORE: Spot gold is expected to break a support at $1,280 per ounce and then approach the Aug. 21 low of $1,273.06.
The metal has broken below a higher support at $1,285, the 23.6 percent Fibonacci retracement on the fall from the Aug. 8 high of $1,322.60 to $1,273.06, the next support will be at the 14.6 percent level of $1,280.
A drop below $1,273 is less anticipated, as a high-low bottom or double-bottom may form around this level. Resistance is at $1,292, the 38.2 percent level, a break above which will open the way to $1,304, the 61.8 percent level.
The views expressed are his own.
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