Markets

Spot gold target of $1,687/oz intact

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The wave "c" has not completed, as it is expected to travel to the 161.8 percent Fibonacci projection level, based on the length of the wave "a" and the peak of the wave "b" at $1,795.66.

The metal is poised to fall below a narrow consolidation range of $1,708-$1,737, as its consolidation around a weak support at $1,728, the 100 percent projection level, is temporary.

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Copyright Reuters, 2011