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Gold to range from $1,625.20 to $1,661.71

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The retracement from the wave "5" peak at $1,661.71 has not completed, as it is expected to develop a total of three waves, labeled "a-b-c", and currently a wave "b" is unfolding.

Most likely the three waves will form a flat pattern, with the wave "b" to be capped at $1,661.71.

A surge above $1,665 will extend to $1,680.

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, 2012