SINGAPORE: Spot gold may rise into a range of $1,992 to $2,009 per ounce, as it has recovered strongly from the Wednesday low of $1,934.19. A retracement analysis on the fall from $2,009.59 reveals that about 61.8% of the fall has been reversed.

Even though it is not clear that the uptrend from $1,809.27 has continued, the reversal does increase the chance of the metal to revisit the high of $2,009.59.

Wave pattern suggests the completion of a five-wave cycle at $2,009.59.

Based on this wave count, the current rise may stop around $2,009, to form a part of a double-top.

Support is at $1,963, a break below could trigger a deep a drop into $1,934-$1,952 range.

Spot gold may bounce into $1,951-$1,958 range

On the daily chart, an evening star forming between March 17 and March 21 was counteracted by a piercing pattern between Tuesday and Wednesday.

It is difficult to choose and rely on these conflicting signals.

A further development of the chart would clear the doubt.

Readings on the hourly chart suggest an upside bias.