Spot gold may end bounce around $3,931

SINGAPORE, Nov 13 (Reuters) - Spot gold may end its bounce around a resistance at $3,931 per ounce and resume its fall.

The downtrend has been developing within a falling channel, the upper channel line establishes resistance around $3,931. Wave pattern suggests the development of a wave d, the fourth wave of a five-wave cycle from $4,148.

This wave is expected to be reversed by a wave e. A break above $3,931, however, could open the way toward $3,999, as indicated by a duplicated channel.

On the daily chart, the market is riding on a wave (5), which is expected to travel far below the bottom of the wave (3) at $3,870.

The current bounce is tentatively classified as the second pullback toward the June 30 low of $3,943.

* 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.