SINGAPORE: Spot gold will fall to $1,584.39 per ounce, an hourly chart low and a presumed wave "b" trough.
The rebound from the Monday low of $1,534.49 is labeled as a wave "4", which has ended around $1,674, the 50 percent Fibonacci retracement on the fall from $1,813.60 to $1,534.49.
The metal is now riding on a downward wave "5", progressing towards the wave "3" trough at $1,534.49, while a more realistic target will be $1,584.39 over the next 24 hours.
A rise above $1,653 will temporarily violate the bearish outlook, but only a surge above $1,674 could confirm a further rebound to $1,720.
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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