SINGAPORE: Spot gold will fall to $1,542 per ounce, with a potential downside at $1,498, as indicated by a Fibonacci projection analysis.
The metal is riding on a downward wave "3", advancing towards the 161.8 percent Fibonacci projection level, based on the length of the wave "1" and the peak of the wave "2".
A trendline passing the trough the bottoms of the wave "A" at $1,665.88 and the wave (a) at $1,560.36 points to a more aggressive target at $1,498, the 261.8 percent projection level, should the support at $1,542 fail to stop the current fall.
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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