SINGAPORE: Spot gold may rise to a range of $1,861-$1,869 per ounce, driven by a wave C. This wave started at $1,727.50. It has travelled above the 61.8% projection level of $1,833.

Chances are it could extend to $1,858.

A projection analysis on the uptrend from $1,738.30 reveals a more precise target zone of $1,861-$1,869.

A drop from the current level will be classified as a pullback towards the support at $1,833.

Only a break below the support could make the bullish outlook doubtful.

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On the daily chart, the slow rise from the Nov. 23, 2022 low of $1,727.50 to the Dec. 27, 2022 high of $1,832.99 looks like a strong consolidation, rather than an exhaustion of the uptrend.

The metal may have obtained strong momentum to rapidly climb towards $1,891-$1,919 range.