SINGAPORE: Spot gold may rise into a range of 1,816-1,825 per ounce, driven by a wave c. This wave has travelled above its 161.8% projection level of $1,797.

It has a better chance of extending into $1,825-$1,833 range.

A realistic target could be $1,816. Support is at $1,802, a break below which could be followed by a drop into $1,793-$1,797 range.

Spot gold neutral in $1,702-$1,717 range

On the daily chart, gold has broken a resistance at $1,788. The break opened the way towards $1,842, which is also suggested by a small double-bottom.

A decent correction is expected to occur around $1,842, as the former resistance at $1,788 triggered a drop.

The resistance at $1,842 could be stronger.