Thursday, 27 August 2015 11:34
,110″ alt=”Spot gold to test support at ,110″ width=”400″ height=”207″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/spot-gold-to-rise-towards-1137-1143-range.jpg”>SINGAPORE: Spot gold may test a support at $ 1,110 per ounce, with a good chance of breaking below this level and falling more towards the next support at $ 1,077.
The support is provided by the 14.6 percent Fibonacci retracement on the fall from the Jan. 22 high of $ 1,306.20 to the July 24 low of $ 1,077, working as the last barrier towards $ 1,077.
The depth of the fall from the Aug. 21 high of $ 1,168.40 signals a completion of the bounce from $ 1,077 and a resumption of the preceding downtrend. Resistance is at $ 1,131, the 23.6 percent level, a break above which may lead to a limited gain to $ 1,140.
