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Spot gold to edge up to $1,747/oz

gold-barSINGAPORE: Spot gold will edge up to $1,747 per ounce, as indicated by its wave pattern and a Fibonacci projection analysis.

The metal is riding on a small wave "c", unfolding towards the 100 percent Fibonacci projection level, based on the length of the wave "a" and the trough of the wave "b" at $1,716.89.

However, this wave "c" is considered as a part of a bigger wave "B", to be followed by a downward wave "C" which will eventually drive the price below the wave "A" trough of $1,703.69.

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.

Copyright Reuters, 2012