SINGAPORE: Spot gold may retest a resistance at $1,850 per ounce, a break above which could lead to a gain to $1,860-$1,872 range.
The resistance triggered a pullback towards a former resistance at $1,831. Following the stabilisation of the prices around this level, the pullback could have completed.
The metal is riding on a wave c, which could travel to $1,860 or higher.
A break above $1,831 could cause a fall into $1,812-$1,821 range.
Spot gold may test support at $1,831
On the daily chart, gold is riding on a steady uptrend, which is extending towards $1,920, as pointed by a rising channel. A realistic target will be $1,863 or $1,877.
A break below $1,831 may be followed by a shallow fall towards the trendline support around $1,822.
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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