SINGAPORE: Spot gold may end its current rebound around resistance at $1,230 per ounce, as indicated by its wave pattern and a Fibonacci projection analysis.
Resistance is provided by the 76.4 percent Fibonacci projection level of a downward wave C that developed from the July 10 high of $1,345. This wave will consist of three small waves labelled a, b, c respectively, with another five small waves making up the wave c.
The fourth wave of the wave c, the wave 4, has been driving the rebound from the Oct. 6 low of $1,183.46.
A downward wave 5 may start around $1,230 and reverse the wave 4.
A break above $1,230 will open the way towards $1,252, the 61.8 percent projection 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.
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