SINGAPORE: Signals are mixed for spot gold , as the rise from the previous trading session's low of $1,681.74 per ounce is too sharp.
The strong rebound bears the characteristic of an upward wave "E", advancing towards an unfulfilled target range formed by a 100 percent Fibonacci projection level of a wave "C" target and the 61.8 percent Fibonacci retracement on the fall from $1,920.30 to $1,534.49.
Should the rebound stop around $1,725, chances will be high for it to fall back to $1,681.74.
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.
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