Spot gold to rise further to $1,743/oz

SINGAPORE: Spot gold will rise more to $1,743 per ounce, as it has cleared a resistance at $1,716.

The resistance is the 100 percent Fibonacci projection level of a wave "c" target, and a break above it has opened the way to the 161.8 percent projection level at $1,743.

The break has also confirmed a high-low bottom which points to the same target.

Support is at $1,703, a fall below which will extend to $1,680.

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