SINGAPORE: Spot gold may test a resistance at $1,830 per ounce, a break above could lead to a gain at $1,848.

The metal has broken a lower resistance at $1,815. The next resistance will be at $1,830.

The rise is driven by a wave C, which is expected to travel to $1,850, its 61.8% projection level, or far above the peak of the wave A at $1,876.90.

A break below $1,815, now a support, could cause a fall to $1,801.

Spot gold may test resistance at $1,815

On the daily chart, the uptrend is developing within a rising channel, which suggests a target around $1,920.

A realistic target will be either $1,849 or $1,877.

Five small waves make up the uptrend. The fifth wave, the wave e, is unfolding towards these targets.

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