SINGAPORE: Spot gold will fall to the previous trading session's low of $1,793.19 per ounce, as indicated by its wave pattern.
Labeled as a wave "C", the current fall is the second downward leg of an "A-B-C" corrective wave cycle that started at the Aug 23 high of $1,911.46, and as pointed by an ascending trendline, the wave "C" would eventually travel to $1,774.
The current rebound will be limited to $1,850. 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.
Copyright Reuters, 2011