SINGAPORE: Spot gold is poised to break a resistance at $1,879 per ounce and rise into $1,893-$1,900 range.
The metal made a stronger-than-expected recovery from the Feb. 15 low of $1,843.50. The recovery signals a dominant bullish sentiment.
With gold approaching the resistance at $1,879 again, it may overcome this barrier and climb more.
Immediate support is at $1,865, a break below which may cause a fall into $1,850-$1,855 range.
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On the daily chart, the uptrend remains firm within a rising channel, which suggests a target of $1,927.
A realistic target range could be from $1,892 to $1,905, which will be confirmed when gold breaks $1,879.48.
A break below $1,861 could cause a shallow drop to $1,850.
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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