SINGAPORE: Signals are mixed for spot gold as it is bound within a range of $1,597-$1,618 an ounce, and a move outside the range will indicate its next direction.
A fall below $1,597 will indicate a short-term downtrend from the Dec. 21 high of $1,641.50 will continue towards $1,582, the 100 percent Fibonacci projection level of a downward wave "c".
A rise above $1,618 will open the way towards $1,641.50 as a rebound from the Dec. 15 low of $1,560.36 may extend.
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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