SINGAPORE: Spot gold may test a resistance at $1,830 per ounce, a break above could lead to a gain to $1,848.
The metal is riding on a wave C from $1,753.30, which is expected to travel to $1,850, its 61.8% projection level. This wave also observes closely a set of retracements of the fall from $1,876.90.
Deep as it, the correction triggered by the resistance at $1,830 is gradually reversed. The reversal signals a continuation of the wave C. A break below $1,801 could open the way towards $1,782.
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