SINGAPORE: Spot gold still targets a range of $1,956-$1,969 per ounce, as it is riding on a wave C. This wave is expected to travel into a zone of $1,963-$2,004.

A projection analysis on the uptrend from $1,738.30 reveals more fine-tuned targets.

Gold has broken a resistance at $1,942. The break opened the way towards $1,956-$1,969. Immediate support is at $1,933, a break below which could cause a drop into $1,905-$1,919 range.

On the daily chart, the metal has cleared a resistance at $1,938. It is heading towards $1,963.

A retracement analysis on the fall from $2,069.89 to $1,613.60 reveals a target zone of $1,962-$2,008, which mostly overlaps the range of $1,963-$2,004.

Spot gold may rise into $1,956-$1,969 range

A decent correction may occur around $1,963, which is strengthened by the resistance at $1,962.