SINGAPORE: Spot gold would drop to the Sept. 26 low of $1,737.50 per ounce, as it has peaked around a resistance at $1,785.
The resistance is provided by the 261.8 percent Fibonacci projection level of an upward wave (c), the third of a three-wave cycle that started at the July 12 low of $1,554.34.
The drop from the Sept. 21 high of $1,787.20 has adopted a three-wave mode, with wave c advancing towards $1,737.50, the trough of the first wave -- wave a.
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