SINGAPORE: Spot gold may extend gains to $2,066 per ounce, as suggested by a projection analysis. The metal has climbed above a rising channel.

A duplicated channel indicates a target around $2,100, which looks too far away to be realistic.

A proper target will be $2,066, which will remain intact, unless gold breaks the support at $2,032, as the break could be followed by a drop into $2,011-$2,021 range.

On the daily chart, a bullish pennant points at a target of $2,134.

Condition is the metal has to maintain above $2,029.

Spot gold may test support at $1,963

A realistic target would be $2,069.

The immediate resistance at $2,046 looks vulnerable, in view of the strong momentum built on Thursday.

A rise to $2,055 may confirm the break above this barrier.