SINGAPORE: Spot gold is expected to retest a resistance at $1,992 per ounce, a break above could lead to a gain to $2,005.

The strong surge on March 17 confirmed an extension of the wave 5, which is unfolding towards $2,005, as suggested by a projection analysis on the wave c from $1,809.27.

Another calculation points at a much higher target of $2,055, based on the lengths of the wave 1 and the wave 3. It is observed that when the wave five extends, it could be much longer than the wave 3.

Support is fixed at $1,964, a break below which may be followed by a correction to $1,951.

On the daily chart, gold has broken a falling trendline.

The metal is likely to revisit the March 8, 2022 high of $2,069.89.

Spot gold may drop into $1,884-$1,897 range

A projection analysis on the uptrend from $1,727.50 marks a key resistance at $2,004, which is almost coinciding with $2,005 on the hourly chart.

These resistances are expected to work together to trigger a pullback towards the trendline over the next one or two days.