SINGAPORE: Spot gold may fall into a range of $1,756-$1,763 per ounce, as its bounce from the Sept. 20 low of $1,741.86 is ending.
The bounce could be broken down into three waves.
This is the typical structure of a bounce.
An extension of the bounce may be limited to a resistance at $1,782, which is strengthened by a similar one established by a falling trendline.
Only a rise above $1,788 could confirm the extension of the uptrend from the Aug. 9 low of $1,684.37.
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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