SINGAPORE: Spot gold will retrace to $1,635 per ounce after it failed to break a resistance at $1,659.
The resistance is the 61.8 percent Fibonacci retracement on the fall from $1,694.3 to $1,602.74, serving as an ultimate high for a wave "b" rebound.
Bullion has left a rising channel and moved into a duplicated lower channel, with the lower channel line pointing to $1,635.
Resistance is at $1,656, a break above which will confirm the resumption of a short-term uptrend that developed from an hourly chart low of $1,602.74, with a target at $1,675.
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