June 18 (Bloomberg) -- Gold, little changed in Asia, may gain after the dollar’s rally this week failed to push prices below their 100-day moving average.

The precious metal “has found support” near $927 an ounce, which marks a 50 percent retracement of its rally from $865 in mid-April to $990 this month, said Russell Browne, strategist at ScotiaMocatta, citing Fibonacci analysis. Gold traded as low as $925.80 on June 15, against its 100-day moving average of $926.41 today.

“The 100-day moving average near $925 has held firm despite a bearish move in gold from $990 to $927,” said Browne.

Gold for immediate delivery traded at $938.25 an ounce at 1:38 p.m. in Singapore, after adding as much as 0.5 percent to $943.63 an ounce today.

Bullion climbed to a three-month high of $990 an ounce on June 3 as the weakening dollar and slowing equity-market gains prompted investors to seek alternatives. It has slipped 4 percent this month as the dollar index, a six-currency gauge of the greenback’s value, added 1.2 percent in the same period.

The dollar traded near a two-week low against the yen and was little changed against the euro before a U.S. report that may show the Philadelphia region’s manufacturing shrank for a ninth month, adding to signs the Federal Reserve will keep interest rates low.

“Depending on the course of the U.S. dollar, there is another chance for a test of $925 in the coming days,” said Stefan Graber, analyst at Credit Suisse Group in Singapore. “However, we do not think that there is much more downside risk below that level.”

Fibonacci analysis uses a mathematical formula based on the theory that prices may rise or fall by certain percentages after reaching a high or low. A break of one level indicates an asset may move to the next, while a failure suggests a trend may stall.

Among other precious metals for immediate delivery, silver slipped 0.2 percent to $14.3050 an ounce, platinum was little changed at $1,208.50 an ounce and palladium fell 0.5 percent to $242.25 an ounce as of 1:41 p.m. in Singapore.

To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net

Last Updated: June 18, 2009 02:15 EDT