SINGAPORE: Spot gold may rise into a range of $1,860-$1,872 per ounce, as it has pierced above a resistance at $1,850.
Chances are high that the metal breaks this resistance on Wednesday, as it could have accumulated enough momentum from a consolidation in the narrow range of $1,831-$1,842.
As long as the metal rises above a short trendline, the uptrend will be steady.
A break below $1,842 could open the way towards $1,821-$1,831 range.
On the daily chart, the metal is about to leave a neutral range of $1,831-$1,849.
Spot gold targets $1,860-$1,872 range
It is riding on a wave c from $1,782.10, which is expected to travel to $1,860.
A rising channel suggests a more aggressive target of $1,920, which will only be available when gold breaks above $1,877.
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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