SINGAPORE: Spot gold may climb into a range of $1,942-$1,956 per ounce, driven by a wave (5). The strong recovery of the price from the Tuesday low of $1,900.60 suggests a continuation of the uptrend, which is riding on a wave (5) that could travel into $1,956-$1,969 range.

A brief consolidation in the range of $1,919-$1,933 is likely before the metal rises towards the target zone, as indicated by the symmetrical nature of the chart.

A break below $1,919 could be followed by a drop into $1,897-$1,905 range. On the daily chart, gold has completed a pullback towards $1,896, as confirmed by a hammer on Tuesday.

Spot gold still targets $1,883-$1,905 range

The uptrend may extend towards $1,963-$2,004 range.

The bearish divergence on the daily RSI seems to have been discounted by the drop to the low of $1,900.60. It could be temporarily disregarded.