SINGAPORE: Spot gold may retest a resistance at $1,867 per ounce, a break above which could lead to a gain into $1,887-$1,892 range.
The metal has stabilised around a support at $1,845 per ounce, following its two failures to break this level.
The uptrend from $1,786.60 is expected to resume.
The trend is driven by a wave (3) or wave c, both of which are capable of travelling to $1,887.
Spot gold may fall towards $1,837
A break below $1,845 could cause a fall into $1,826-$1,837 range.
On the daily chart, the drop on Wednesday triggered by the resistance at $1,867 looks like a pullback towards the lower channel.
A duplicated channel suggests a target of $1,892.
The stabilization of the price around $1,837 confirmed a completion of the pullback.
The metal is poised to retest the resistance at $1,867.
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