SINGAPORE: Spot gold is expected to rise to $1,245 per ounce, as it has broken a resistance at $1,222.
The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the July 10 high of $1,345 to the Oct. 6 low of $1,183.46.
The next resistance will be at $1,245, the 38.2 percent retracement, a break above which will open the way towards $1,264, the 50 percent retracement.
Based on the bullish momentum that drives the current rise, there might not any pullback towards $1,222, now a support.
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.