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SINGAPORE, Sept 18 (Reuters) - Spot gold XAU= may break a resistance at $4,373 per ounce and rise into a range of $4,406-$4,474.
The metal surged from the Wednesday low of $4,235, completely reversing the fall from the same-day high of $4,366. The rise and reversal indicate the completion of wave C from $4,511.
A channel technique suggests a further gain toward $4,446, the 76.4% retracement analysis on the fall from $4,511 to $4,235.
Immediate support is at $4,340, a break below which may trigger a drop to $4,300. On the daily chart, the market has found strong support at $4,233 and started a bounce.
Identified as the 61.8% retracement of the uptrend from $3,943 to $4,701, this support is a pivotal level for evaluating whether the uptrend from $3,943 could resume.
Market stabilization increases the chance of the uptrend extending. The extension will be confirmed when the metal climbs above $4,511.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively 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 Rashmi Aich)