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SINGAPORE: Spot gold is expected to rise to $1,746 per ounce, as it has cleared a resistance at $1,716.
The metal broke both the resistance and a falling trendline.
This is a significant advance of bulls.
The downtrend from $1,875.26 may have reversed.
A break above $1,746 will open the way towards $1,761-$1,783 range.
However, the upside may not be limited to $1,783, as a double-bottom forming around $1,680 will be confirmed then, suggesting a target of $1,818.
A break below $1,716 could cause a fall to $1,691.
On the daily chart, gold has broken a resistance at $1,724.
The break opened the way towards $1,769.
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