SINGAPORE: Spot gold looks neutral in a range of $1,336-$1,344 per ounce, and an escape could suggest a direction.
The range is formed by the 38.2 percent and the 23.6 percent retracements on the uptrend from $1,302.61 to $1,356.66. A break below $1,336 could cause a loss into the range of $1,323-$1,330, while a break above $1,344 could lead to a gain to the zone of $1,349-$1,353.
The bias could be towards the downside, as the rise from $1,321.21 could be too steep to sustain. A further fall to $1,330 looks highly likely.
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 for this article.