SINGAPORE: Spot gold may break a resistance at $1,808 per ounce,and rise into a range of $1,816-$1,825, driven by a wave C.

This is the third wave of a presumed three-wave cycle from the Aug. 9, 2021 low of $1,684.37.

The wave C observes closely a set of projection levels, among which, the 38.2% level of $1,827 works a target, as gold has broken the 23.6% level of $1,799.

However, a retracement analysis on the fall from $1,853.67 to $1,779.20 reveals a fine-tuned target zone of $1,816-$1,825.

Spot gold may test resistance at $1,803

A break below $1,797 may open the way towards the range of $1,784-$1,790. On the daily chart, the metal has maintained within a rising channel and broken above a resistance at $1,803. It is supposed to rise towards $1,831.

The long-shadowed candlestick on Thursday symbolises a strong support provided by the channel. The metal may not retest the support.

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