SINGAPORE: Spot gold may rise into a range of $1,765 to $1,774, as it has broken a resistance at $1,756 per ounce.

The consolidation below the resistance is categorized as a pullback towards a falling trendline.

The sideways move only prepares bulls with a stronger momentum.

The nature of the current rise remains unclear.

It is tentatively regarded as a bounce against the downtrend from $1,802.

It will be reclassified as a continuation of the uptrend from $1,680.25 if the metal breaks $1,774.

Spot gold may test resistance at $1,756

A fall below $1,749 may be extended into $1,738-$1,745 range.

On the daily chart, gold is retesting a falling trendline.

A break above the line, especially a break above $1,779, could confirm the progress of a wave c towards $1,802-$1,831 range.