SINGAPORE: Spot gold may test a resistance at $1,789 per ounce, a break above which could lead to a gain to $1,813.
A five-wave cycle from $1,902.70 has completed at Tuesday's low of $1,749.20. It is expected to be further reversed.
This cycle is part of a correction from $1,916.40.
Three waves make up the correction.
The wave b ended at $1,902.70, which serves as a target over the next few weeks. Support is at $1,761, a break below which may cause a fall limited to $1,744, the 261.8% projection level of the wave c.
On the daily chart, the contract managed to stay above a support at $1,771, around which a bottom has formed, as the metal failed twice to break this support.
Chances are gold may rise towards $1,829.
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.
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