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SINGAPORE: Spot gold may drop to a range of $1,884 to $1,897 per ounce, as wave c from $1,809.27 may be over. The most convincing signal of completion is the reduction of this c wave into five smaller waves.
The wave 3 is so broad that wave 5 is unlikely to extend above $1,938. Theoretically, the target area of $1,883 to $1,897 will be confirmed when gold breaks $1,905.
Resistance is at $1,925, a break above could lead to profit in the $1,938-$1,951 range. On the daily chart, the large spinning top on Wednesday shows the doubt of the market.
Spot gold may test the resistance of $1,917
This pattern follows a small black candlestick on Tuesday.
These patterns combine to indicate a disruption of standing.
The market may have entered a consolidation phase.