SINGAPORE: Spot gold is biased to fall to the Sept. 26 low of $1,737.50 per ounce as it has some difficulty in breaking a resistance at $1,785.
The resistance is provided by the 261.8 percent Fibonacci projection level of an upward wave (c). It remains valid after being tested twice.
The two tops, $1,787.20 touched on Sept. 21 and $1,791.20 touched on Oct. 1, are so close that they indicate the formation of a double-top.
The resistance will be considered broken, should gold rise above $1,795. A bullish target at $1,830 will then be established.
No information in this analysis should be considered as being business, financial or legal advice.
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