SINGAPORE: Spot gold may break a resistance at $1,789 per ounce and rise to $1,813,as suggested by its wave pattern and retracement analysis.

The metal has briefly pierced above this resistance. It is expected to overcome this barrier and rise towards $1,813, as a five-wave cycle from $1,902.70 has completed at $1,749.20. This cycle is a part of a correction from $1,916.40.

The corrective wave structure of the fall from $1,916.40 suggests a steady uptrend, which may have resumed at $1,749.20.

Support is at $1,774, a break below which may cause a fall into $1,749-$1,761 range.

On the daily chart, the contract stabilized around support at $1,771. It may rise towards $1,829.

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