SINGAPORE: Spot gold may retest a resistance at $1,902 per ounce, a break above which could lead to a gain into $1,917-$1,920 range.

The uptrend looks firm. It is riding on a wave (c), which has travelled far above its 100% projection level of $1,879. This wave may extend into $1,917-$1,940 range.

This wave is a part of a bigger wave C from $1,753.30, which is expected to travel to $1,946, its 100% projection level.

The correction triggered by the resistance at $1,902 may end in the support zone of $1,879-$1,886.

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On the daily chart, gold is close to its target of $1,927, which is suggested by a projection analysis and a rising channel.

It is time to consider the following direction when this target is fulfilled.

The current uptrend may have been driven by a wave C from the Aug. 9, 2021 low of 1,684.37. Based on this wave count, gold is riding on the final wave of the rally.

A medium-term downtrend may start around $1,927.

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