SINGAPORE: Spot gold still faces a resistance at $1,785 per ounce, only a break above which could confirm a resumption of the preceding uptrend that started at the July 12 low of $1,554.34.
The resistance sits on the 261.8 percent Fibonacci projection level of an upward wave (c), a valid break above it would mean gold has to rise to $1,795, and an inverted head-and-shoulders will be also confirmed then, with a target at $1,830.
Support is at $1,760, a drop below which will probably extend to $1,740.
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