SINGAPORE: Spot gold is expected to pierce into a resistance range of $1,762-$1,773 per ounce, before starting a deep correction.
The metal is still riding on an upward wave "C", progressing towards $1,762, the 100 percent Fibonacci projection level, based on the length of the wave "A".
In the meantime, a Fibonacci retracement on the fall from $1,920.30 to $1,534.49 also reveals a likely target at $1,773, the 61.8 percent level.
Given the corrective wave nature of the rise from Sept. 26 low of $1,534.49, it is highly likely for the current wave "C" to peak in the target range.
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
The metal is still riding on an upward wave "C", progressing towards $1,762, the 100 percent Fibonacci projection level, based on the length of the wave "A".
In the meantime, a Fibonacci retracement on the fall from $1,920.30 to $1,534.49 also reveals a likely target at $1,773, the 61.8 percent level.
Given the corrective wave nature of the rise from Sept. 26 low of $1,534.49, it is highly likely for the current wave "C" to peak in the target range.
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
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