Thursday, 10 September 2015 12:33
,096″ alt=”Spot gold may drop to ,096″ width=”400″ height=”231″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/spot-gold-may-drop-to-1096.jpg”>SINGAPORE: Spot gold may drop to $ 1,096 per ounce, as indicated by its wave pattern and a Fibonacci projection analysis.
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. This wave is capable of travelling to $ 1,096, its 100 percent Fibonacci projection level.
About 76.4 percent of the gain from the July 24 low of $ 1,077 has been reversed, and chances are this low could be revisited. Resistance is at $ 1,108, the 76.4 percent level, a break above which could trigger a limited gain to $ 1,116, the 61.8 percent level.
