Gold faces resistance zone of $1,762-$1,773

SINGAPORE: Spot gold faces a strong resistance zone of $1,762-$1,773 per ounce, and a rise above this will open the way towards $1,829.

The zone is formed by a 100 percent Fibonacci projection level of a wave "C" and the 61.8 percent Fibonacci retracement on the fall from $1,920.30 to $1,534.49. A jump above the zone will make 76.4 percent retracement available.

Most likely, the metal will hover around $1,762 for one trading session.

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