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.
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.
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