SINGAPORE: Spot gold is neutral in a range of $1,604-$1,623 per ounce, and an escape will point the next direction.
A fall below $1,604 will confirm that a correction from the Jan. 6 high of $1,631.06 has resumed towards $1,589. This level is the 38.2 percent Fibonacci retracement on the rise from the Dec. 29, 2011 low of $1,521.94.
A surge above $1,623 will confirm a small double-bottom, with a target at $1,642.
The bias is at the downside, since the correction against the preceding five-wave cycle seems incomplete.
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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