SINGAPORE: Spot gold is expected to break a support at $1,704 and head towards $1,657 per ounce as it could have peaked at the Oct. 28 high of $1,751.99.
The high at $1,751.99 is close to $1,762, a 100 percent Fibonacci projection level, based on the length of the wave "A", and the following deep correction could have reversed the preceding uptrend.
Strategically, only a fall below $1,704, the neckline of a head-and-shoulders pattern, will open the way to $1,657.
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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