Markets
Spot gold bearish target $1,565-$1,575
SINGAPORE : A bearish target range of $1,565-$1,575 remains intact for spot gold as the correction is far from completio
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The current wave decline is expected to drive the price to the 38.2 percent Fibonacci retrenchment on the rise from $1,522.35 to $1,608.70, or deeper, to the 50 percent level.
And the correction could have adopted an "a-b-c" corrective wave mode, with the rebound during the previous trading session labelled as a wave "b", to be followed by a downward wave "c".
A rise above $1,608.70 will violate the bearish outlook.
Copyright Reuters, 2011