SINGAPORE: A bearish target at $1,750 per ounce remains unchanged for spot gold as it is riding on a downward wave c.
This wave is expected to at least travel the same length as the preceding wave "a" which started at the Oct. 5 high of $1,795.69, to arrive at $1,750, its 100 percent Fibonacci projection level.
The wave has cleared a barrier at $1,762, the support provided by its 61.8 percent projection level, there will be no stronger support before it reaches $1,750.
No information in this analysis should be considered as being business, financial or legal advice.
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