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 far above its 161.8% projection level of $1,897. It is likely to extend into a range of $1,938-$1,951.
The consolidation on Tuesday is classified as a pullback towards $1,897, now a strong support.
Working together with the support is another one of $1,900, the 61.8% retracement analysis on the downtrend from $1,959.60 to $1,804.20.
The sideways move above these supports may prepare gold for a further rise. A break below $1,897 may trigger a drop to $1,884. On the daily chart, gold paused its rise after climbing above $1,898.
Spot gold may retest resistance of $1,917
The metal may hover above this support for one or a few days before resuming its rise, as the uptrend from the Nov. 3, 2022 low of $1,615.59 seems to have extended.
A projection analysis on the uptrend from $1,727.50 marks a target zone of $1,963-$2,004.
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