<div id="readability-page-1" class="page"><div><div><div>Key points:<ul><li>For more technical analyses, clickTECH/C</li></ul></div>Spot gold may retest resistance at $5,598 per ounce, a break above which could lead to a gain into the $5,670 to $5,697 range.<figure><figcaption>Thomson Reutersxau h</figcaption></figure>The resistance is identified as the 476.4% projection level of an uptrend from $5,046. Wave pattern suggests that the market is riding on the final wave of a small five-wave cycle from $4,988.This wave is supposed to travel to, or far above the peak of the wave iii at $5,590. On the five-minute chart, the wave 5 is unfolding toward $5,593 to $5,683 range. <figure><figcaption>Thomson Reutersxau 5 m</figcaption></figure>On the long-term monthly chart, the metal is riding on an extended fifth wave, the peak of which is generally defying analysis.However, given the market seems to have broken a key resistance at $5,387, it is likely to climb into $6,411 to $7,045 range. <figure><figcaption>Thomson Reutersm</figcaption></figure>* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.​</div></div></div>

Spot gold is expected to retest resistance at $5,598 per ounce, with a potential rise to the $5,670 to $5,697 range if this level is breached. The resistance corresponds to a 476.4% projection level from an uptrend starting at $5,046. Current wave patterns indicate a final wave cycle from $4,988, suggesting further upward movement. Long-term projections indicate a climb to between $6,411 and $7,045 following a break of key resistance at $5,387. This analysis is provided by Wang Tao, a Reuters market analyst.

Reuters

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Spot gold may retest resistance at $5,598