SINGAPORE: Spot gold may hover above a support at $1,219 for one trading day or rebound moderately to $1,226 before falling again, as indicated by its wave pattern and a Fibonacci projection analysis.
Gold is riding on a wave C that developed from the Aug. 8 high of $1,322.60. The Fibonacci projection analysis reveals this wave has been interrupted by the support at $1,219, the 161.8 percent level.
A drop to $1,215 will confirm both a break below the support and the extension of the wave C towards the next support zone of $1,194-$1,209, the 200 percent and the 176.4 percent projection levels, respectively.
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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