SINGAPORE: Spot gold may drop to $1,862 per ounce again, as a bounce from $1,764.46 may have completed.

The bounce consists of three waves. The third wave labelled c is much shorter than the first wave labelled a, as revealed by a projection analysis.

This relation, along with the deep drop on Monday, suggests a completion of the bounce.

Resistance is at $1,888, a break above which could lead to a gain to $1,904.

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