Friday, 13 November 2015 13:16
,092″ alt=”Spot gold may bounce to ,092″ width=”600″ height=”389″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/spot-gold-may-bounce-to-1092.jpg”>SINGAPORE: Spot gold may bounce to $ 1,092 per ounce, as it seems to have found a support around the July 24 low of $ 1,077.
The metal’s brief piercing below the support suggests this support has temporarily stopped the fall. The bullish divergence on the hourly RSI suggests gold has become technically very strong and a bounce could be due.
The immediate bounce target will be at $ 1,092, the 86.4 percent retracement on the rise from $ 1,077 to the Oct. 15 high of $ 1,190.63. A break above $ 1,092 could lead to a further gain to $ 1,104, the 76.4 percent level.
A drop below the Nov. 12 low of $ 1,074.26 could confirm a break below a lower support at $ 1,076, the 50 percent Fibonacci projection level of a downward wave C.
