SINGAPORE: Spot gold may rise into a range of $1,933-$1,942 per ounce, driven by a wave (3). The rise is both steady and strong. It observes closely a set of projection levels on the uptrend from $1,738.30.
Another projection analysis on a wave C from $1,727.50 reveals a target zone of $1,963-$2,004.
A realistic target could be either $1,942 or $1,956.
Immediate support is at $1,919, a break below which could be followed by a drop into $1,883-$1,897 range.
On the daily chart, the metal has cleared a key barrier at $1,896, the 61.8% retracement of the downtrend from the high of $2,069.89.
Chances are, this high may be revisited.
Gold rises over 1pc on slower Fed rate-hike prospects
A projection analysis on the current wave c from $1,727.50 reveals a lower target zone of $1,963-$2,004.
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