SINGAPORE: Spot gold is expected to end the current weak rebound at around $1,715 per ounce, and drop to the Nov. 21 low of $1,665.88.
The rebound is labelled as a wave "4", which is a part of a five-wave cycle that started at the Nov. 8 high of $1,802.60, and upon its completion, a downward wave "5" will follow.
A Fibonacci retracement on the fall from $1,795.66 to $1,665.88 reveals a resistance at $1,715, the 38.2 percent level, which could limit a further development of the wave "4".
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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