SINGAPORE: Spot gold may test a resistance at $1,930 per ounce, a break above which could lead to a gain to $1,946.

The resistance is identified as the 100% projection level of an upward wave c from $1,819.35.

This wave could at least travel to $1,930.

A bullish pennant suggests a possible extension of this wave towards $1,956. Support is at $1,915, a break below which could cause a fall to $1,904.

On the daily chart, gold has broken a falling trendline and a resistance at $1,918. Chances are it may rise to $1,965, the peak of a wave B.

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