SINGAPORE: Spot gold is expected to revisit its Tuesday low of $1,352.20 per ounce, as a correction from the Monday high of $1,384.10 seems to be incomplete.
The correction may consist of three small waves labelled a, b, c. The first two waves have unfolded, while the wave c is heading towards the trough of the wave a at $1,352.20.
Gold has been zigzagging up within a rising channel. After failing to break above the upper channel line, it is retracing towards the lower channel line to seek a support around $1,352.
Only a rise above $1,384.10 could signal the resumption of the uptrend towards $1,400.
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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