SINGAPORE: Spot gold may rise into a range of $1,765 to $1,774, as it has broken a resistance at $1,756 per ounce.
The consolidation below the resistance is categorized as a pullback towards a falling trendline.
The sideways move only prepares bulls with a stronger momentum.
The nature of the current rise remains unclear.
It is tentatively regarded as a bounce against the downtrend from $1,802.
It will be reclassified as a continuation of the uptrend from $1,680.25 if the metal breaks $1,774.
Spot gold may test resistance at $1,756
A fall below $1,749 may be extended into $1,738-$1,745 range.
On the daily chart, gold is retesting a falling trendline.
A break above the line, especially a break above $1,779, could confirm the progress of a wave c towards $1,802-$1,831 range.
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