SINGAPORE: Spot gold may fall into a range of $1,258-$1,264 per ounce as it has cleared a support at $1,274. The support was provided by the 100 percent projection level of a downward wave c from $1,324.33. This wave is capable of traveling to $1,258. A confirmed triangle suggests a lower target at $1,244.
However, before gold falls to $1,258, it has to break a support at $1,264, the 50 percent retracement of the uptrend from $1,180.34 to $1,346.73.
A bounce from the current level will be regarded as a pullback towards the lower trendline of the triangle. The pullback may end around $1,283.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. 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.
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