Spot gold may revisit Monday low of $1,684.37
- The long-shadowed candlestick on Monday is not considered as a reversal pattern, it is a natural market reaction after a temporary oversold condition
SINGAPORE: Spot gold may revisit its Monday low of $1,684.37 per ounce, driven by a wave C.
This wave is expected to travel to $1,664, its 100% projection level.
The bounce triggered by the support at $1,687 seems to have ended around a resistance at $1,748. The wave C may have resumed.
A break above $1,748 could lead to a gain to $1,768. On the daily chart, the downtrend from the Aug. 7 high of $2,072.50 has resumed.
Driven by a wave C, the trend may extend to $1,671, or a much lower level of $1,520. The deep fall from the Aug. 6 high of $1,804.57 is regarded as a rehearsal of a bigger drop towards $1,520.
Spot gold may fall into $1,832-$1,845 range
The long-shadowed candlestick on Monday is not considered as a reversal pattern, it is a natural market reaction after a temporary oversold condition.
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