SINGAPORE: Spot gold may have completed a rebound triggered by a support at $1,219 per ounce and is expected to retest this level.
The support is provided by the 161.8 percent Fibonacci projection level of a wave C that developed from the Aug. 8 high of $1,322.60. The next support will be at $1,209, the 176.4 percent level, a break below which will lead to a further loss to $1,194, the 200 percent level.
Resistance is at $1,226, the 150 percent level, a break above which will signal the extension of the rebound towards $1,234, the 138.2 percent level.
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.
Comments
Comments are closed.