Spot gold eyes $1,796/oz

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SINGAPORE: The metal is still riding on an upward wave (3), which would travel to $1,796, the 161.8 percent Fibonacci projection level, based on the length of the wave (1) which rose from $1,478 to $1,609.51.

The current consolidation will be confirmed over once a minor resistance at $1,770 is cleared.

A further fall from the current level will find a strong support at $1,720.

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.

Copyright Reuters, 2011