SINGAPORE: Spot gold may test a resistance at $1,759 per ounce, a break above which could lead to a gain into $1,768-$1,785 range.
The bounce from the Aug. 9 low of $1,684.37 has extended. It is driven by a wave c, which may either end around $1,759 or extend to $1,785.
Based on a projection analysis on the fall from $1,832, the wave c may extend to $1,784, as it has briefly travelled above $1,748. It might develop more towards $1,768.
Support is at $1,743, a break below which could cause a fall to $1,728.
On the daily chart, the metal could be pulling back towards a rising trendline.
The pullback may end in the range of $1,765-$1,785, which is formed by the 38.2% projection level and a presumed resistance established by the trendline.