Spot gold to extend loss into $1,538-$1,548 range

SINGAPORE: Spot gold is expected to extend its loss into a range of $1,538-$1,548 per ounce, as indicated by its wave pattern.

The metal is riding an extended wave (v), which has been subdivided into five smaller waves labelled i, ii, iii, iv and v.

The moderate rebound from the Wednesday low of $1,558.24 is classified as wave iv, to be followed by a downward wave v in due course.

Wave (v) is the fifth of a bigger wave 3, which may eventually travel into a range formed by its 238.2 percent and 261.8 percent Fibonacci projection levels.

Wave iv may end below or at $1,582, the 161.8 percent projection level.

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.