SINGAPORE: Spot gold will fall to $1,652.69 per ounce as a rebound that started from the Sept. 26 low of $1,534.49 has completed.
The rebound has adopted an "A-B-C" corrective wave mode, with the wave "C" having fully developed a five-wave cycle, peaking around $1,684, the 61.80 percent Fibonacci projection level.
The fall has been temporarily stopped by a support from a trendline ascending from $1,534.49. Strategically, a break below $1,663 is needed to confirm the fall towards $1,652.69.
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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