Spot gold to drop further to $1,687/oz

SINGAPORE: Spot gold will fall further to $1,687 per ounce, as indicated by its wave pattern and a Fibonacci projection analysis.

The metal is riding on a downward wave "c", unfolding towards the 161.8 percent Fibonacci projection level, based on the length of the wave "a" and the peak of the wave "b" at $1,795.66.

A support at $1,728, the 100 percent level has been cleared, and the next support will be $1,687.

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