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Markets

Spot gold to fall back to $1,534.49/oz

SINGAPORE: Spot gold is expected to revisit the previous trading session's low of $1,534.49 per ounce, as it has not com
27 Sep, 2011

goldSINGAPORE: 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.

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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