SINGAPORE: Spot gold will be neutral so long as it remains in a range of $1,596 to $1,677 per ounce.
Even though a rebound from the Sept. 26 low of $1,534.49 could have completed at the Oct. 4 high of $1,678, as it's structured in three waves labeled as "A-B-C", with the wave "C" shorter than the wave "A", the conclusion on the resumption of a preceding downtrend will not be definite until the low at $1,596 is broken.
A rise above $1,677 will extend to $1,705.
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.
Comments
Comments are closed for this article.