SINGAPORE: Spot gold still targets a range of $1,956-$1,969 per ounce, as it is riding on a wave C. This wave is expected to travel into a zone of $1,963-$2,004.
A projection analysis on the uptrend from $1,738.30 reveals more fine-tuned targets.
Gold has broken a resistance at $1,942. The break opened the way towards $1,956-$1,969. Immediate support is at $1,933, a break below which could cause a drop into $1,905-$1,919 range.
On the daily chart, the metal has cleared a resistance at $1,938. It is heading towards $1,963.
A retracement analysis on the fall from $2,069.89 to $1,613.60 reveals a target zone of $1,962-$2,008, which mostly overlaps the range of $1,963-$2,004.
Spot gold may rise into $1,956-$1,969 range
A decent correction may occur around $1,963, which is strengthened by the resistance at $1,962.
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