SINGAPORE: Spot gold may rise into a range of $1,801-$1,811 per ounce, as the bounce from the Aug. 9 low of $1,684.37 has extended.

The bounce is driven by a wave c, which has just travelled above its 100% projection level of $1,785. This wave has a better chance of extending into a range of $1,811-$1,827, which is also pointed by a falling trendline.

Support is at $1,775, a break below which could signal the completion of the wave c. A bearish target zone of $1,743-$1,759 will be established then.

Spot gold may fall into $1,759-$1,769 range

On the daily chart, a projection analysis reveals a break above the 38.2% level of $1,765. The break opened the way towards $1,823.

A retracement analysis marks a target zone of $1,800-$1,828. All these calculation indicate a further gain from the current level.

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