SINGAPORE: Spot gold may break a resistance at $1,785 and rise towards $1,818 per ounce.

A double-bottom developing around $1,677 has been confirmed, after gold climbed above its April 8 high of $1,758.45. The pattern suggests a target of $1,852.

It is not very clear if gold retreats towards $1,758 before breaking $1,785. A break below the nearest support of $1,722 could confirm this correction towards $1,758.

On the daily chart, gold has cleared a resistance at $1,776. It is expected to rise towards $1,799-$1,828 range.

The current rise is presumed to be at least matching the one from the Nov. 30 low of $1,764.29, to extend to $1,841, as suggested by a falling channel.

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