SINGAPORE: Spot gold will fall to Thursday's low of $1,596.24 per ounce, as a five-wave cycle has completed on the rise from the Dec. 29, 2011 low of $1,521.94.
The peak of wave "5" is lower than that of wave "3", signalling the short-term uptrend from $1,521.94 could have failed.
A small double-top seems to be forming around $1,624, increasing the chance of the metal to retrace to the neckline, which is at $1,596.24.
Resistance is at $1,629, a rise above which will invalidate the bearish outlook.
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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