Spot gold still targets April 8 high of $1,758.45
- A rise above $1,758.45 could confirm a double-bottom, which will suggest a target of $1,851. A break below $1,719 may cause a fall into the range of $1,677-$1,697.
SINGAPORE: Spot gold still targets its April 8 high of $1,758.45 per ounce, as it could have resumed the bounce from $1,677.70.
The resistance at $1,744 caused a shallow correction on Wednesday, which has little impact on the uptrend, as the metal managed to have above the April 13 low of $1,722.67.
A rise above $1,758.45 could confirm a double-bottom, which will suggest a target of $1,851. A break below $1,719 may cause a fall into the range of $1,677-$1,697.
On the daily chart, gold is expected to rise towards $1,769, as it has been hovering above a support at $1,724 for a few days. Unless it breaks this support, the metal may attempt to test the resistance at $1,769.
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