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Spot gold to correct to $1,860/oz

SINGAPORE : Spot gold is due for a correction to $1,860 per ounce, as the rally becomes exhausted. A five-wave cycle
23 Aug 2011

goldSINGAPORE: Spot gold is due for a correction to $1,860 per ounce, as the rally becomes exhausted.

A five-wave cycle that started from Aug 15 is approaching an end, and the following correction could go as deep as $1,860, a presumed wave (iv) trough.

Multiple bearish divergences formed on the RSI indicator, strongly signaling gold has been much overbought and is technically very weak.

A rise above $1,911.46 will be limited to $1,927.

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, 2011

 

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