Spot gold may rise into $1,801-$1,812 range

SINGAPORE: Spot gold may break a resistance at $1,794 per ounce, and rise into $1,801-$1,812 range.

The gain on Thursday confirmed an extension of the uptrend which consists of five waves.

The wave e could travel into a range of $1,801-$1,812, as pointed by a rising channel.

Support is at $1,784, a break below which could open the way towards a support zone of $1,767-$1,773.

The uptrend will be considered to have reversed, once gold drops into this zone.

Spot gold may fall towards $1,728-$1,379 range

On the daily chart, gold has broken a resistance at $1,772.

The break opened the way towards $1,829.

However, a falling trendline establishes a resistance around $1,800, which should not be ignored.

The target of $1,829 will only become available when gold breaks the trendline resistance at $1,800.