Friday, 04 September 2015 11:29
,108-,116 range” alt=”Spot gold set to drop into ,108-,116 range” width=”600″ height=”396″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/shanghai-gold-exchange-to-allow-physical-gold-as-collateral.jpg”>SINGAPORE: Spot gold is expected to drop further into a range of $ 1,108-$ 1,116 per ounce, driven by a wave c.
This is the third wave of a three-wave cycle that developed from the Aug. 21 high of $ 1,168.40. It is capable of travelling to $ 1,096, the 100 percent Fibonacci projection level.
A more realistic target could be $ 1,115, the 61.8 percent level or $ 1,108, the 76.4 percent level.
Resistance is at $ 1,128, the 38.2 percent level, a break above which could lead to a limited gain to $ 1,135, the 23.6 percent level.
