Spot gold to edge up to $1,800

SINGAPORE: Spot gold may edge up to $1,800 per ounce, even though its rally looks very exhausted.

A high at $1,779.10 was touched on Wednesday, indicating the uptrend that started from the Aug. 15 low of $1,589.69 has not completed.

The trend has been developing in a contracting wedge, the upper trendline of which points to $1,800.

Support is at $1,751, only a drop below which could confirm a double-top, with a target at $1,724.

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