SINGAPORE: Spot gold may retest a support at $1,316 per ounce, as it may have completed a bounce from the March 1 low of $1,302.61.
The bounce is classified as a pullback towards a rising trendline. It may have ended around a resistance at $1,325, the 61.8 percent projection level of a downward wave c from $1,361.76.
A double-top forming around $1,362 suggests the low at $1,302.61 may be revisited. On the daily chart, a retracement analysis reveals that the current bounce was triggered by the support at $1,309. This bounce may have ended around $1,330.
Support is at $1,316 (first chart), a break below which could cause a loss to $1,311.
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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