The range is formed by the 14.6% and the 23.6% projection levels on an uptrend from $1,265.85 to the June 25 high of $1,438.63. The trend is a part of a five-wave cycle from $1,265.85.

Gold is riding on the final wave labelled 5 which may consist of five or only three smaller waves. This uncertainty makes it hard to conclude when the wave 5 will complete.

This wave could be divided into three small waves. A break below $1,427 could confirm the completion of the five-wave cycle. A break above $1,427 could signal the extension of the wave 5 towards $1,452.

* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of to retrieve the original reports.

** 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.