SINGAPORE: Spot gold is expected to revisit its Sept. 1 low of $1,687.60 per ounce, as the bounce from this level has completed.
The completion has been confirmed by the deep drop on Tuesday.
At the same time, the downtrend from $1,765.39 may have resumed. It is riding on a wave C that could travel to $1,685 or far below this level.
Spot gold may fall into $1,705-$1,709 range
Before falling again, gold may bounce moderately into $1,710-$1,714 range, as it seems to be stabilizing around $1,696. On the daily chart, gold apparently failed to escape from a falling channel.
It is back on the track towards $1,611, as pointed by the channel line.
A realistic target is $1,657.
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