SINGAPORE: Spot gold will fall to $1,729.51 per ounce, to continue a correction that started at the Feb. 3 high of $1,762.90.
The first leg of the correction has stopped around $1,710.30, a support jointly provided by a rising trendline and the 38.2 percent Fibonacci retracement on the rise from $1,625.20 to $1,762.90.
The second leg, labeled as a wave "b", will end around $1,750, and a third leg, a downward wave "c", will take over, driving the metal down to $1,729.51, an hourly chart high touched on Tuesday.
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.
Comments
Comments are closed for this article.