SINGAPORE: Spot gold may extend gains into a range of $1,867-$1,876 per ounce, as it has more or less broken a resistance at $1,853. The rise so far has been so steady that it could be aiming the peak of the wave b at $1,890.18.
A realistic target will be either $1,867 or $1,876.
Only a break above $1,876 could confirm the target of $1,890.
Bulls should be cautious if the metal falls below $1,849, as such a fall may extend to $1,842.
A further drop may suggest the completion of the bounce from $1,804.02.
On the daily chart, the big white candlestick on March 3 symbolizes a bullish market sentiment. It is hard to finalise the ending point of the current bounce.
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The point could be within a range of $1,864-$1,882 or a slightly higher zone of $1,882-$1,900.
The whole picture still looks bearish, as gold could be riding on a wave C from $1,959.60, which may travel to $1,613.60.
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