Markets

Spot gold neutral in $1,596-$1,677 range

Published Updated

Even though a rebound from the Sept. 26 low of $1,534.49 could have completed at the Oct. 4 high of $1,678, as it's structured in three waves labeled as "A-B-C", with the wave "C" shorter than the wave "A", the conclusion on the resumption of a preceding downtrend will not be definite until the low at $1,596 is broken.

A rise above $1,677 will extend to $1,705.

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.

Copyright Reuters, 2011