SINGAPORE: Spot gold may edge up into a range of $1,761-$1,775 per ounce, before falling again. The downtrend from $1,786.35 looks incomplete.
The trend consists of three waves. The current wave B may extend to $1,775, the 100% projection level of its component wave c.
Strategically, the target zone of $1,761-$1,775 will be confirmed when gold breaks the immediate resistance at $1,757.
A break below $1,748 could open the way towards $1,728-$1,739 range.
On the daily chart, gold looks neutral in a range of $1,721-1,788.
The anticipated gains on the hourly chart will be regarded as a part of the consolidation in the zone.
Spot gold still targets Nov 23 low of $1,727.50
The metal may eventually retrace towards $1,680, as the pattern between July 2020 and July 2022 looks like a double-top.
The bounce from $1,613.60 could be regarded as an extended pullback towards the neckline.
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