SINGAPORE: Spot gold may retest a resistance of $1,917 per ounce, a break above could lead to a gain into the $1,925-$1,938 range.
A wave c has travelled above its 176.4% projection level of $1,905. It is likely to extend into a range of $1,938-$1,951.
A retracement analysis on the downtrend from $1,959.60 to $1,804.20 reveals a break above the key resistance of $1,900.
Chances are the high of $1,959.60 could be revisited soon.
Support is at $1,894, a break below which may be followed by a drop to $1,884.
On the daily chart, gold may have resumed its uptrend from the Nov. 3, 2022, low of $1,615.59, as confirmed by the successive gains over the past three trading sessions.
Spot gold may test resistance zone of $1,897 to $1,900
A projection analysis on the uptrend from $1,727.50 marks a target zone of $1,963-$2,004.
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