Spot gold to rebound to $1,742/oz
SINGAPORE: Spot gold will rebound more to $1,742 per ounce, as indicated by its wave pattern and a Fibonacci retracement analysis.
The rebound was triggered by the completion of a five-wave cycle on the fall from $1,762.90 to $1,720.99 on a 10-minute chart, and a Fibonacci retracement analysis reveals a target at $1,742, the 50 percent level.
Upon arriving at $1,742, the metal is expected to reverse the rebound and fall towards $1,720.99, driven by a downward wave "c" or wave (3).
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.
Copyright Reuters, 2010
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