Spot gold may keep rising towards $2,065

SINGAPORE: Spot gold may keep rising towards $2,065 per ounce, driven by a powerful wave C.

This wave is expected to travel into a wide range of $2,019-$2,065, as it has extended above its 100% projection level of $1,946.

The depth of the correction triggered by the former resistance at $1,974 suggests the target of $2,065 as well.

A drop from the current level will be regarded as a pullback towards $1,974, now a support.

On the daily chart, the metal has broken a resistance at $1,979.

The break not only opened the way towards $2,019, but also significantly increased the chance of an extended gain to $2,072.50.

From a longer term of perspective, gold may climb into $2,350-$2,450 range, as pointed by a rising trendline.

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