Gold Silver Reports (GSR ) – On the daily chart, the gain on Monday confirms a break above the former resistance at $1,238, the 14.6 percent projection level of a downward wave C from $1,366.07. The next Resistance will be at $1,305.
Spot gold may rise into a range of $1,253 —$1,258 per ounce, as suggested by its wave pattern and a projection analysis.
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The metal is riding on a wave 5, the fifth wave of a five-wave cycle from $1,195.90.
A projection analysis suggests an ultimate target at $1,266, the 161.8 percent level of an uptrend from $1,210.65. A rising channel suggests a similar target. A more realistic target could be either $1,253 or $1,258.
