SINGAPORE: Spot gold faces a resistance zone of $1,671 to $1,674 per ounce, and only a break above this could open the way to $1,725.
The wave pattern indicates the metal is riding a wave "C", which may travel to $1,725, a 100 percent Fibonacci projection level.
However, the resistance zone is formed by the 61.8 percent Fibonacci projection level and the 50 percent Fibonacci retracement on the fall from $1,813.60 to $1,534.49, it may stop gold to gain more.
Support is at $1,644, a fall below which will signal the wave "C" could have been completed, and a medium-term downtrend will resume.
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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