SINGAPORE: Spot gold may extend its gains to $1,671 per ounce, driven by a wave c.

This wave started at $1,640.30. It may either end around $1,671, or extend to $1,689.

Following its failure to travel above a resistance at $1,665, the wave c unfolds towards this level again.

Chances are this wave may overcome the barrier at $1,665 and develop towards $1,671.

Spot gold may retest resistance at $1,664

A break below $1,659 could open the way towards $1,652.

On the daily chart, the metal found a strong support of $1,611, the 100% projection level of a wave C.

Even though it is too early to conclude that the wave C has completed, at least, a decent bounce is highly expected.

The resistance at $1,657 has been broken.

The next resistance will be at $1,686.