Spot gold may rise to $1,818
- A correction from the current level may be limited to $1,785, now a support.
SINGAPORE: Spot gold may test a resistance at $1,803 per ounce, with a good chance of breaking above this level and rising towards $1,818.
The metal has cleared a lower resistance at $1,785. It is expected to extend its gains into the range of $1,818-$1,852.
A double-bottom forming around $1,677 indicates a further rise towards $1,852 as well.
A projection analysis reveals the nearest resistance at $1,803, the 100% projection level, only a break above which could confirm the target zone of $1,818-$1,852.
A correction from the current level may be limited to $1,785, now a support.
On the daily chart, gold seems to be heading towards the upper channel line around $1,851. The current rise is presumed to be as strong as the one from the Nov. 30 low of $1,764.29.
In terms of both dimension and duration, the rise looks incomplete.
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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