SINGAPORE: Spot gold is expected to rebound to $1,366 per ounce, driven by a wave c.
This is the third wave of a three-wave cycle that developed from the Tuesday low of $1,350.19.
A Fibonacci retracement analysis on the preceding wave (a) from the Monday high of $1,391.76 to $1,350.19 reveals a possible target at $1,366, the 38.2 percent level.
The current wave c may peak around $1,366, to be followed then by a downward wave (c) which will travel towards $1,350.19.
The views expressed are his own.
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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