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Spot gold still targets US$1,831
[SINGAPORE] Spot gold still targets US$1,831, as it has broken a resistance at US$1,796 per ounce.
The resistance is identified as the 261.8 per cent projection level of a wave C from US$1,159.96. The next resistance will be at US$1,831, a break above which could lead to a gain at US$1,856.
The drop from the July 8 high of US$1,817.71 is regarded as a pullback towards US$1,796. The pullback may have completed, following the stabilisation of the price around US$1,796.
On the hourly chart, gold failed twice to break a support at US$1,795, the 123.6 per cent projection level on an upward wave C from US$1,703.83. The uptrend may have resumed towards US$1,824.