SINGAPORE: Spot gold may break a resistance at $1,816 per ounce,and rise into a range of $1,825 to $1,836, 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. It is supposed to travel to or beyond $1,872.

A retracement analysis on the fall from $1,853.67 to $1,779.20 reveals some fine-tuned targets. The immediate target will be $1,825 or $1,836.

The only issue now is that the climb looks unstable. It has adopted a zigzagging mode.

As long as gold hovers above $1,797, the uptrend will keep intact.

Spot gold may rise into $1,816-$1,825 range

A break below $1,797 may open the way towards the range of $1,779 to $1,790.

On the daily chart, the metal has broken above a resistance at $1,803.

It is supposed to rise towards $1,831.

A rising channel suggests a much higher target around $1,940, which still looks too far away to be realistic.

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