SINGAPORE: Spot gold may extend its gains to $1,833 per ounce, driven by a wave C. The surge on Tuesday confirmed the extension of this wave which is expected to fulfil its target of $1,833.

Based on its strong momentum, the wave C is unlikely to end around this level.

Instead, it may eventually travel to $1,898.

Spot gold may drop into $1,766-$1,780 range

A break below $1,806 may be followed by a drop into $1,775-$1,788 range.