SINGAPORE: Spot gold may climb into a range of $1,969-$1,978 per ounce, driven by a wave (5). The uptrend still observes closely a set of projection levels on the uptrend from $1,738.30.

The current strong momentum is likely to push the metal to the 638.2% or 661.8% levels.

Another projection analysis on the uptrend from $1,727.50 suggests a wider target zone of $1,963-$2.004, which engulfs the narrow range of $1,969-$1,978.

Support is at $1,942, a break below which could result in a drop into a range of $1,905-$1,933.

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On the daily chart, the hammer on Tuesday and the big white candle on Wednesday symbolize a strong bullish momentum, which is expected to driven the price into $1,963-$2,004 range.

A similar target range of $1,962-$2,008 has been worked out based on a retracement analysis on the fall from $2,069.89 to $1,613.60.