SINGAPORE: Spot gold may test a resistance at $1,792 per ounce, with a good chance of breaking above this level and rising to $1,803.

The recovery from the April 28 low of $1,762 is swift and strong. It signals a continuation of the uptrend. Five waves may make up the trend.

The fifth wave, the wave e is unfolding.

A projection analysis on the uptrend from $1,723 reveals the resistance at $1,792, the 86.4% level, which stopped the rise a few times.

The metal could have accumulated enough bullish momentum to overcome this barrier, after a consolidation over the past few days.

A drop from the current level will be regarded as a pullback towards a falling trendline.

The pullback may end above $1,773.

On the daily chart, gold may retest a barrier at $1,799, a break above which could lead to a gain into $1,828-$1,875 range.

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