SINGAPORE: Spot gold may keep rising towards $1,856 per ounce, as it is riding on a powerful wave (3).

The strong move on Sept. 3 confirms the continuation of the wave (3), which may extend to $1,856 or $1,904.

A projection analysis on the uptrend from $1,716.57 reveals an immediate resistance at $1,833, which looks vulnerable in view of the fierce bullish momentum.

First support is at $1,823 while the second comes in at $1,815.

Spot gold may retest support at $1,775

A break below $1,807 could signal the reversal of the uptrend.

On the daily chart, the metal has more or less broken a resistance at $1,828. The break could open the way towards $1,862.

The current assumption is gold is riding on a wave B, the second wave of a flat pattern developing from $1,677.61. This wave is supposed to travel close $1,916.

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