Spot gold to fall to $1,630

SINGAPORE: Spot gold will fall to $1,630 per ounce, as it has resumed a downtrend within a big channel.

The current high of the channel is at $1,680, the 38.2 percent Fibonacci retracement on the fall from $1,790.30 to $1,611.80, and the low is at $1,600, which will serve as a target for the next few trading sessions.

A more realistic target within 24 hours will be $1,630, pointed by the lower channel line of a small rising channel, which has been duplicated from an upper channel within which gold has been climbing since April 4.

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