SINGAPORE: Spot gold may retest a resistance at $1,825 per ounce, a break above which could open the way towards the $1,833-$1,847 range.
The surge on Tuesday confirmed a continuation of the uptrend towards $1,833, the 261.8% projection level of an uptrend from $1,738.30.
A projection analysis on the uptrend from $1,727.50 suggests the same target.
This analysis also reveals a much higher target of $1,898, which will only be confirmed when gold breaks $1,833.
Immediate support is at $1,806, a break below which could be followed by a drop into $1,788-$1,797 range.
Spot gold may retest support at $1,780
On the daily chart, the metal climbed far above a resistance at $1,788.
The strong momentum indicates a further gain into a range of $1,842-$1,896.
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