SINGAPORE: Spot gold may rise into a range of $1,917-$1,920 per ounce, as it has pierced above a resistance at $1,902.
The metal is riding on a wave (c), which has travelled far above its 100% projection level of $1,879. It has a better chance of extending into $1,917-$1,940 range.
This wave makes a part of a bigger wave C from $1,753.30, which is expected to extend towards $1,946, its 100% projection level, as the big wave C has briefly travelled above its 76.4% projection level of $1,900.
Spot gold may retest resistance at $1,902
Support is at $1,886, a break below which could cause a fall into $1,865-$1,879 range.
On the daily chart, gold is heading to $1,927, which is suggested by a projection analysis and a rising channel.
A deep correction, probably similar to the one from the Nov. 16, 2021 high of $1,876.90, may occur around $1,927, which works together with another key resistance at $1,921.
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.
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