SINGAPORE: Spot gold may retest a resistance at $1,999 per ounce, a break above could lead to a gain at $2,028.
The metal is riding on a wave (c) from $1,878.49, which is capable of travelling to $2,073, its 100% projection level.
The resistance at $1,999 triggered a pullback towards the support zone of $1,953 to $1,976.
With gold having climbed above $1,976 again, the pullback could have completed. A break below $1,976, however, could be followed by a drop to $1,953.
Spot gold may keep rising towards $2,065
On the daily chart, the metal has broken a resistance at $1,979. The break opened the way towards $2,019.
The drop from the high of $2,072.50 has been so much reversed, chances are this high may be revisited soon.
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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