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SINGAPORE, Sept 14 (Reuters) - Spot gold XAU= may revisit its Sept. 2 low of $4,282 per ounce, as suggested by its wave pattern and a projection analysis.
A presumed wave C from $4,512 is travelling toward its 61.8% projection level of $4,257. At its full capacity, this wave may extend to $4,099, the 100% level, as it might turn out to be the third leg of a zigzag from $4,696.
Resistance is at $4,380, a break above which may lead to a gain to $4,440. On the daily chart, the market is retesting a support at $4,306, a break below which could open the way toward $4,168.
Strategically, a fall to $4,280 may confirm a break. The drop from the Sept. 3 high of $4,511 consists of more black candlesticks than the white ones. The combination symbolizes a prevailing bearish sentiment. A break above $4,417 looks very unlikely.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on the Workspace platform, a London Stock Exchange product.
** No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.
(Reporting by Wang Tao; Editing by Sonia Cheema)