SINGAPORE: Spot gold still targets $1,746 per ounce, as it has managed to hover above a support at $1,716.

After breaking above $1,716 and a falling trendline, the metal pulled back towards this former resistance and the line.

With gold having climbed above the Monday high of $1,733.30, the pullback is confirmed over. The pattern from the March 8 low of $1,676.10 looks like a double-bottom, which will be confirmed when gold breaks $1,761.

A break below $1,716 could cause a fall to $1,691. On the daily chart, gold has broken a resistance at $1,724. It is poised to rise towards $1,769.

A downward wave C from $1,959.01 may not fulfil its ultimate target of $1,651, as it seems to have ended around $1,693.

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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.