SINGAPORE: Signals are neutral for spot gold as it managed to hover above a support at $1,307.
The support is provided by the 50 percent Fibonacci retracement on the rise from the June 28 low of $1,180.71 to the Aug. 28 high of $1,433.31.
Even though the wave pattern suggests gold may eventually break the support, so long as it stays above this barrier, it may rebound one more time towards a resistance at $1,337, the 38.2 percent retracement.
A valid break below the support will be confirmed when gold drops below $1,300.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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