Markets
Spot gold to fall to $1,589/oz
SINGAPORE : Spot gold will fall to $1,589 per ounce, as a five-wave cycle has completed on the rise from the Dec. 29, 2
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SINGAPORE: Spot gold will fall to $1,589 per ounce, as a five-wave cycle has completed on the rise from the Dec. 29, 2011 low of $1,521.94 to the Jan. 6 high of $1,631.06.
A Fibonacci retracement analysis on the rise reveals an immediate target at $$1,589, the 38.2 percent level, while a further dip to the 50 percent level at $1,577 is also likely.
Resistance is at $1,631, a break above which will trigger a further gain to $1,650.
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, 2012
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