SINGAPORE: Spot gold may rise into a range of $1,867-$1,878 per ounce, as a wave c from $1,909.55 may have completed.

This wave could be well broken down into five smaller waves. Such a structure, together with the bounce on Wednesday, strongly suggests the completion of the wave c.

Indeed, a bigger wave C from $1,919.55 may have completed as well. Gold is expected to climb towards the peak of the wave b at $1,909.55.

Support is at $1,840, a break below which may open the way towards $1,813-$1,830 range.

Spot gold may retest support at $1,830

On the daily chart, the due bounce may have occurred earlier than expected.

The bounce was thought to start around $1,818. A trendline support seems to have prevented a further slide towards this level.

The bullish piercing pattern forming between Tuesday and Wednesday works as a trend reversal signal, suggesting a further rise on Thursday.