SINGAPORE: Spot gold may retest a resistance at $1,893 per ounce, a break above which could lead to a gain to $1,904.

The metal has broken a lower resistance at $1,875. The break confirms an extension of the wave C from $1,755.81. Most likely, this wave could travel to $1,921.

Support is at $1,859, a break below which could cause a fall into $1,830-$1,847 range. On the daily chart, the metal has broken both a falling trendline and a resistance at $1,874.

This is a milestone to bulls, as a reversal of the downtrend from $2,072.50 has been confirmed. The metal may surge towards $1,921, which is identical with the target of $1,921 on the hourly chart.

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