Spot gold may rise into $1,872-$1,879 range

SINGAPORE: Spot gold may rise into a range of $1,872-$1,879 per ounce, driven by a wave C.

This wave started at $1,753.30. It is unfolding towards a wide range of $1,900-$1,946.

Three smaller waves make up this wave.

The wave c is travelling towards $1,879, its 100% projection level.

Support is at $1,850, a break below which could cause a fall to $1,841.

Spot gold may test resistance at $1,836

On the daily chart, gold briefly pierced above a resistance at $1,863, the last barrier towards $1,876.90.

So far the metal has been riding on a steady uptrend within a rising channel, which indicates a target of $1,930.

With the sharp surge on Feb. 11, this target looks more and more realistic.

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.