Spot gold biased to retrace to $1,339

The resistance is provided by the 200pc projection level of an upward wave C from $1,268.97.

It triggered a deep correction on June 7. Another correction may occur around this barrier.

Should this resistance fail to cause the second correction, gold may gain a bit further to $1,353, before retracing towards $1,339-$1,346 range.

On the daily chart, gold faces the same resistance at $1,346, the 76.4pc projection level of an upward wave C from $1,159.96. This resistance also increases the chance of a correction.

A break above $1,346 could open the way towards $1,371.

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