SINGAPORE: Spot gold may test a resistance at $1,815 per ounce, a break above which could lead to a gain to $1,830.
The metal has broken a lower resistance at $1,801. The next resistance will be at $1,815.
The current rise is driven by a wave C, which is expected to travel to the peak of the wave A at $1,876.90.
A break below $1,801, now a support, could cause a fall to $1,782. On the daily chart, the metal is consolidating within a wedge.
Wave pattern suggests a rise towards the upper trendline of the wedge. Five small waves make up the uptrend from $1,684.37.
The fifth wave, the wave e, is unfolding towards a range of $1,849-$1,877.
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