Friday, 28 August 2015 10:51
,137-,143 range” alt=”Spot gold to rise towards ,137-,143 range” 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 is expected to rise towards a range of $ 1,137-$ 1,143 per ounce, as indicated by a double-bottom and a Fibonacci retracement analysis.
The double-bottom formed around the Aug. 26 low of $ 1,117.35 and suggests a target at $ 1,143, the 50 percent Fibonacci retracement on the fall from the Aug. 21 high of $ 1,168.40 to $ 1,117.35.
However, this pattern could only be confirmed when gold climbs above $ 1,131. Support will be at $ 1,125, the 14.6 percent level, a break below which could signal a continuation of the downtrend towards $ 1,117.35.
