SINGAPORE: A bearish target at $1,687 per ounce is unchanged for spot gold as it is riding on a downward wave "c".
The wave "c" has not completed, as it is expected to travel to the 161.8 percent Fibonacci projection level, based on the length of the wave "a" and the peak of the wave "b" at $1,795.66.
The metal is poised to fall below a narrow consolidation range of $1,708-$1,737, as its consolidation around a weak support at $1,728, the 100 percent projection level, is temporary.
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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