Wave pattern shows that gold is riding on a wave c from $1,324.33. It is capable of travelling to $1,258, its 100 percent projection level, which is near $1,264.
A triangle has been confirmed as a top pattern, signalling a reversal of the uptrend from $1,159.96. It points at a lower target around $1,244.
A bounce from the current level will be regarded as a pullback towards the lower trendline of the triangle. The pullback may end around $1,283.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.