SINGAPORE: Spot gold is expected to fall to $1,582.79 per ounce, as it failed a resistance zone of $1,671-$1,674 per ounce.
The zone was formed by the 61.8 percent Fibonacci projection level of a wave "C" and the 50 percent Fibonacci retracement on the fall from $1,813.60 to $1,534.49. It is so strong that it produced a premature wave "C", which is supposed to travel to $1,725, the 100 percent projection level.
A fall below $1,582 will extend to $1,534.49.
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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