SINGAPORE: Spot gold may retest a resistance at $1,911 per ounce, as suggested by a projection analysis.

The metal is riding on a wave C from $1,808.44. Based on the length of the preceding wave a from $1,755.81, this wave may extend into $1,932-$1,953 range.

Support is at $1,886, a break below which could cause a fall into $1,864-$1,877 range. On the daily chart, gold seems to be rising towards the peak of a wave B at $1,959.01, as it has broken a falling trendline and a key resistance at $1,874.

The metal has to break resistance at $1,921 before rising towards $1,959. Given that it has never experienced a decent correction on the rise from the April 29 low of $1,755.81, it may fail to break $1,921 in its first attempt and start a correction thereafter.

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