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Spot gold may bounce to $1,401, as it has found a support in a narrow range of $1,386-$1,387 per ounce.
The range is formed by the 100 per cent projection level of a downward wave c from $1,424.24 and the 61.8 per cent projection level of an upward wave C from $1,332.45.
A falling trendline suggests that gold may bounce into the range of $1,401-$1,409. A break below $1,386 may cause a loss into the range of $1,366-$1,377.
On the daily chart, another projection analysis reveals a support at $1,387, the 93 per cent level of an upward wave C from $1,159.96. This support works together with the support range on the hourly chart to hold the fall.
A slide below the July 1 low of $1,381.51 could confirm a break below $1,387 and a target at $1,371.
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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