Spot gold targets $1,803-$1,818 range
- A double-bottom forming around $1,677 indicates a further rise towards $1,852.
SINGAPORE: Spot gold may break a resistance at $1,785 per ounce and rise towards the range of $1,803-$1,818.
The correction triggered by this resistance has been almost reversed.
The reversal signals a continuation of the wave c from $1,722.94.
This wave is expected to travel to $1,803. Once the metal rises to this level, it is likely to extend its gains to $1,818. Support is at $1,763, a break below which could cause a fall limited to $1,753.
A double-bottom forming around $1,677 indicates a further rise towards $1,852.
On the daily chart, gold climbed above a resistance at $1,776 again. It is poised to test the next resistance at $1,799. A falling channel suggests a higher target around $1,828.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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