SINGAPORE: Spot gold faces a resistance at $1,716 per ounce, and a break above it will confirm a high-low bottom, with a target at $1,743, a 161.8 percent Fibonacci projection level.
The resistance is the 100 percent Fibonacci projection level of a wave "c" target, strengthened by $1,715, the 38.2 percent Fibonacci retracement on the fall from $1,794.99 to $1,665.88.
A valid break would require the metal to stand firm above the Monday's high of $1,719.89, while a fall below $1,697 may extend to $1,672.
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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