Spot gold to rise to $1,885.39/oz

SINGAPORE: A bullish target at $1,885.39 per ounce has been established for spot gold as an upward wave (3) is progressing.

The metal is still riding on a long-term uptrend, despite having moved sideways recently. In the short term, gold is expected to zig-zag up, repeating the wave pattern on the rise from $1,702.44 to $1,920.30.

A fall below $1,830 will temporarily violate the bullish outlook.

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Copyright Reuters, 2011