SINGAPORE: A bearish target at $1,279.60 per ounce remains unchanged for spot gold, as indicated by its wave pattern and a wedge.
Gold is riding on a downward wave (c) that started at the April 14 high of $1,330.90.
This wave has been badly disrupted by a rebound from the April 24 low of $1,268.24.
Despite the disruption, this wave seems to be far from completed.
The rebound, however, has been shaped into a bearish wedge, the lower trendline of which provides a support at $1,285.
The wedge is a typical bearish continuation pattern, indicating a good chance of the downtrend to extend to the May 12 low of $1,279.60.
The views expressed are his own.
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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