SINGAPORE: Spot gold may revisit its March 20 high of $2,009 per ounce, driven by a wave (5). The drop from this high has been almost reversed. The reversal confirms a continuation of the uptrend.

The wave (5) is expected to travel above $2,009.

A projection analysis on the uptrend from $1,809.27 reveals a wide target zone of $2,018-$2,046, which will be confirmed when gold breaks the resistance at $2,009.

Support is at $1,981, a break below which could trigger a drop into $1,963-$1,972 range. On the daily chart, metal has completed a pullback towards a falling trendline.

Spot gold may rise into $1,992 to $2,009 range

It is poised to break the resistance at $2,004 and rise into $2,029-$2,069 range.

Based on the depth of the preceding wave D, gold may climb to $2,109.