Tuesday, 08 September 2015 11:32
,116″ alt=”Spot gold may hover above ,116″ width=”400″ height=”235″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/spot-gold-may-hover-above-1116.jpg”>SINGAPORE: Spot gold seems to have found a support at $ 1,116 per ounce and may hover above this level or rebound to $ 1,128.
The support is provided by the 61.8 percent Fibonacci projection level of a wave c, the third wave of a three-wave cycle that developed from the Aug. 21 high of $ 1,168.40. This wave could travel to $ 1,096, the 100 percent projection level.
Resistance is at $ 1,122, the 50 percent level, a break above which may lead to a limited gain to $ 1,128, the 38.2 percent level. A break below $ 1,116 could confirm the continuation of the wave c towards $ 1,108, the 76.4 percent level.