SINGAPORE: Spot gold is expected to revisit the previous trading session's low of $1,534.49 per ounce, as it has not completed a five-wave cycle that started at the Sept 21 high of $1,816.26.
The rise from $1,534.49 is labeled as a wave "4", which will end around $1,641, the 38.2 percent Fibonacci retracement on the fall from $1,813.60 to $1,534.49.
A downward wave "5" will eventually drive the metal to or below $1,534.49.
A rise above 1,641 will extend to $1,674, the 50 percent Fibonacci retracement level.
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