- Driven by a wave c, the uptrend may eventually extend above $1,922
SINGAPORE: Spot gold may rise to $1,813, as it has broken a resistance at $1,789 per ounce.
A corrective wave cycle from $1,916.40 has completed at $1,749.20. A retracement analysis on the cycle reveals a target zone of $1,813 of $1,853.
Indeed, the corrective wave structure of the fall from $1,916.40 suggests a steady uptrend from $1,677.61. A break below $1,789, now a support, may cause a fall to $1,774.
On the daily chart, the deep correction triggered by the resistance at $1,922 has completed. The uptrend from $1,677.61 has resumed.
Driven by a wave c, the uptrend may eventually extend above $1,922.
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