Friday, 13 March 2015 10:05
,131.85 temporarily aborted” alt=”Spot gold’s target at ,131.85 temporarily aborted” width=”400″ height=”262″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/gold-heads-for-third-weekly-drop-as-market-awaits-fed.jpg”>SINGAPORE: A bearish target at $ 1,131.85 per ounce has been temporarily aborted for spot gold , as it failed to break a support at $ 1,156.
The support is provided by the 86.4 percent Fibonacci retracement on the uptrend from the $ 1,131.85 to the Jan. 22 high of $ 1,306.20, working as the last barrier towards $ 1,131.85.
The failure has led to a bounce, which may extend to the resistance at $ 1,173, the 76.4 percent retracement. The target at $ 1,131.85 will be resumed only when gold drops below its March 11 low of $ 1,147.10.
Copyright Reuters, 2015
