Spot gold eyes $1,820/oz
SINGAPORE: Spot gold seems to have resumed an uptrend that started at the Oct. 20 low of $1,603.49, towards a target at $1,820 per ounce.
The metal is riding on the wave "5" of an upward wave "C", which is expected to develop five small waves within a rising wedge, the upper trendline of which points to $1,820.
Strategically, a rise above the Nov. 8 high of $1,802.60 is needed to confirm the target at $1,820, as sometimes the wave "5" may end around the peak of the wave "3".
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.
Copyright Reuters, 2011
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