Monday, 07 September 2015 13:02
,116″ alt=”Spot gold may test support at ,116″ width=”400″ height=”231″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/spot-gold-may-drop-to-1096.jpg”>SINGAPORE: Spot gold may test a support at $ 1,116 per ounce, with a good chance of breaking below this level and falling more towards the next support at $ 1,108.
The metal is riding on a wave c, the third wave of a three-wave cycle that developed from the Aug. 21 high of $ 1,168.40. It is capable of traveling to $ 1,096, the 100 percent Fibonacci projection level.
So far, this wave has been unfolding within a channel, the lower channel line of which suggests a realistic target at $ 1,108, the 76.4 percent level. Only a break above $ 1,128, the 38.2 percent level, could signal the completion of the wave c.
