SINGAPORE: Spot gold may test a resistance at $1,747 per ounce, a break above which may lead to a gain to $1,770.
The sudden rise on Wednesday confirmed an extension of the uptrend from the July 21 low of $1,680.25.
Driven by a wave c, the trend could extend into $1,747-$1,770 range. Once the metal climbs to $1,747, a price range from $1,741-$1,806 defined by the upper channel will be well confirmed. The potential target could then be moved up to $1,806.
Immediate support is at $1,734, a break below which may trigger a drop into $1,711-$1,725 range. On the daily chart, gold has broken a resistance at $1,727.
Spot gold may test support at $1,711
The break opened the way towards $1,749-$1,775 range.
With the metal persistently rising, it might be the time to presume the reversal of the downtrend from the March 8 high of $2,069.89, which could be well broken down into five waves.
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