SINGAPORE: Spot gold is expected to end the current rebound from $1,671.69 around a resistance at $1,716 per ounce, as indicated by its wave pattern and a Fibonacci ratio analysis.
The rebound is labelled as a wave "c", which is the final part of an "a-b-c" corrective wave cycle that started at the presumed wave "3" trough of $1,665.88.
Most likely, the wave "c" will travel the same length as the wave "a", to stop at a resistance of $1,716, the 100 percent Fibonacci projection level, which is enforced by $1,715, the 38.2 percent Fibonacci retracement on the fall from $1,794.99 to $1,665.88.
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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