SINGAPORE: Spot gold may revisit its Nov. 16 high of $1,876.90 per ounce, as it could have resumed its uptrend.

The resumption was signalled by the strong rise on Wednesday, which could have been driven by an extended wave v. A projection analysis on a bigger wave C from $1,757.63 suggests a target zone of $1,887-$1,908.

Key support to watch is at $1,859, a break below which could confirm an extension of the correction from $1,876.90 towards $1,849.

Gold gains as inflation worries offset strong dollar

On the daily chart, gold climbed above a resistance at $1,862 again. The pullback towards a falling trendline may be over. It appears to be much shallower than expected.

The metal may test the next resistance at $1,885, a break above which could lead to a gain to $1,916.