,316″ alt=”Spot gold may retest support at ,316″ width=”1024″ height=”768″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/spot-gold-may-retest-support-at-1316.jpg”>SINGAPORE: Spot gold may retest a support at $1,316 per ounce, as it may have completed a bounce from the March 1 low of $1,302.61.
The bounce is classified as a pullback towards a rising trendline. It may have ended around a resistance at $1,325, the 61.8 percent projection level of a downward wave c from $1,361.76.
A double-top forming around $1,362 suggests the low at $1,302.61 may be revisited. On the daily chart, a retracement analysis reveals that the current bounce was triggered by the support at $1,309. This bounce may have ended around $1,330.
Support is at $1,316 (first chart), a break below which could cause a loss to $1,311.
No information in this analysis should be considered as being business, financial or legal advice.
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Source: Brecorder.com
