Spot gold to drop more to $1,569/oz

SINGAPORE: Spot gold is expected to drop more to $1,569 per ounce, as it is riding on a downward wave "c".

This wave is the second downward leg of an "a-b-c" corrective wave cycle that started at the Dec. 21 high of $1,641.50.

It is unfolding to the 100 percent Fibonacci projection level, based on the length of the wave "a" and the peak of the wave "b".

Resistance is at $1,600, a break above which will trigger a rise to $1,612.44, the presumed wave "b" peak.

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