SINGAPORE: The upside of spot gold will be capped in a resistance range of $1,762-$1,773 per ounce, as indicated by its wave pattern and a Fibonacci ratio analysis.
An upward wave "C" is approaching an end, as it is expected to complete around a resistance at $1,762, a 100 percent Fibonacci projection level, based on the length of the wave "A".
Strengthening the resistance is the $1,773 level, the 61.8 percent Fibonacci retracement on the fall from $1,920.30 to $1,534.49. Consequently, a chance is low for the metal to go above the resistance zone formed by these two resistances.
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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