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.

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.