Spot gold still targets $1,797/oz

SINGAPORE: A bullish target of $1,797 per ounce remains unchanged for spot gold as indicated by its wave pattern and a Fibonacci projection analysis.

Driven by a wave (c), the metal is heading towards the 38.2 percent Fibonacci projection level, a target based on the length of the wave (a) and the bottom of the wave (b) at $1,705.09.

Retracement from the current level will be limited to $1,770, a support provided by an ascending trendline.

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