SINGAPORE: Spot gold may retest a resistance at $1,682 per ounce, a break above could lead to a gain into $1,687-$1,695 range.
The metal is riding on a from $1,615.59, which has pierced twice above its 100% projection level of $1,673.
Chances are it may extend into a range of $1,695 to $1,709.
It is critical that the metal stays above a support at $1,665 for rising towards the range, as a break below this level could confirm a target zone of $1,651 to $1,660.
On the daily chart, gold has climbed above a falling channel.
A duplicated channel suggests an aggressive target of $1,808.
However, the break above the lower channel is yet to become valid, as the sideways move below $1,686 casts some doubt.
A realistic target will be $1,733, which will be confirmed when gold breaks $1,686.