Spot gold may extend gains into $1,881-$1,899 range
- This wave X may turn out to be a resumption of the uptrend once gold rises above $1,912.
SINGAPORE: Spot gold may extend its gains into $1,881-$1,899 range, as it cleared a key resistance at $1,847 per ounce.
The resistance is identified as the 61.8% retracement on the downtrend from $1,898.81 to $1,764.29. The break above this level confirms a total reversal of the trend.
Immediate support is at $1,857.10, a break below which could cause a drop into $1,832-$1,847 range.
On the daily chart, the surge on Monday signals the progress of a wave X, which may travel to $1,912, the 23.6% projection analysis on the downtrend from $1,965.33.
This wave X may turn out to be a resumption of the uptrend once gold rises above $1,912.
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