SINGAPORE: Spot gold may stabilise around a support at $1,782 per ounce and rise into a range of $1,801-$1,815.

The sharp fall over the past two days is temporarily classified as a correction against the rise from $1,753.30. It forms a part of a big wave C that may travel to $1,877.

The correction is supposed to end around the bottom of the wave b of $1,782, where the wave C would resume. A break below $1,782 could open the way towards $1,753-$1,772 range.

On the daily chart, the metal is biased to rise towards the upper trendline of a wedge, only that the course will be zigzagging.

Spot gold may rise into $1,828-$1,830 range

The rise has been tightly controlled by a set of retracements on the uptrend from $1,684.37.

Support is at $1,780, close to $1,782 (hourly chart), a break below which could open the way towards $1,758.

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