SINGAPORE: Spot gold may test a resistance at 1,203 per ounce, a break above which will lead to a further gain to $1,247.
The resistance is at the 23.6 percent Fibonacci retracement on the fall from the Aug. 28, 2013 high of $1,433.31 to the Nov. 7 low of $1,131.85. It has triggered a correction which seems to have ended around the 14.6 percent level at $1,176.
A rise to $1,210 could signal a break above the resistance, while a break below $1,176 could indicate the completion of the rebound from $1,131.85.
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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