SINGAPORE: Spot gold may rise further to $1,785, as it has climbed above its April 8 high of $1,758.45 per ounce.

This is a major advance of bulls, as it confirms a double-bottom developing around $1,677, which suggests a target of $1,851.

The metal is pulling back towards the neckline of the pattern at $1,758. The pullback may end above $1,744.

A retracement analysis reveals an immediate resistance at $1,785, a break above which could lead to a gain to $1,818. A break below $1,744 could be followed by a drop to $1,719.

On the daily chart, a resistance at $1,769 seems to have caused the pullback on the hourly chart.

The big white candlestick on Thursday suggests a high chance for the metal to overcome this barrier and rise towards $1,805.

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