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SINGAPORE, July 22 (Reuters) - Spot gold XAU= may extend gains to $4,192 per ounce, driven by a wave c.
A projection analysis reveals an extension of this wave above the 161.8% level of $4,130. It may have a better chance of travelling toward $4,192-$4,211 range.
The channel technique indicates a higher target of $4,261. Considering that the middle channel establishes resistance around $4,141, a correction or consolidation may occur, which is expected to be shallow.
Support is fixed at $4,120, a break below which may trigger a further fall into $4,099-$4,111 range. On the daily chart, the pattern around $3,965 looks increasing like a double-bottom.
Confirmation will be when the market breaks $4,172. A bullish target of $4,422 will be established after the break.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.
** 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.
(Reporting by Wang Tao; Editing by Mrigank Dhaniwala)