SINGAPORE: Spot gold may test a resistance at $1,803 per ounce, with a good chance of breaking above this level and rising towards $1,818.

The metal has cleared a lower resistance at $1,785. It is expected to extend its gains into the range of $1,818-$1,852.

A double-bottom forming around $1,677 indicates a further rise towards $1,852 as well.

A projection analysis reveals the nearest resistance at $1,803, the 100% projection level, only a break above which could confirm the target zone of $1,818-$1,852.

A correction from the current level may be limited to $1,785, now a support.

On the daily chart, gold seems to be heading towards the upper channel line around $1,851. The current rise is presumed to be as strong as the one from the Nov. 30 low of $1,764.29.

In terms of both dimension and duration, the rise looks incomplete.

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