Thursday, 20 August 2015 10:36
,152″ alt=”Spot gold may rise to ,152″ width=”400″ height=”333″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/gold-slips-on-firm-dollar-eyes-on-ecb-us-data.jpg”>SINGAPORE: Spot gold may rise more to $ 1,152 per ounce, as indicated by a trendline and a Fibonacci projection analysis.
The trendline fell from the May 18 high of $ 1,232.20 and suggests a target at $ 1,152, the 76.4 percent Fibonacci projection level of a downward wave C, which is the third wave of a three-wave cycle that developed from the Jan. 22 high of $ 1,306.20.
Strategically, the target will be confirmed when gold breaks the immediate resistance at $ 1,136, the 100 percent level. Support is at $ 1,125, the 114.6 percent level, a break below which could cause a loss to the 138.2 percent level at $ 1,109.
