TECHNICALS-Spot gold targets $2,443-$2,552 range in Q2

* For more technical analyses, click TECH/C SINGAPORE, March 21 (Reuters) - Spot gold XAU= may test resistance at $2,268 per ounce next quarter, with a good chance of breaking above this level and rising into $2,443-$2,552 range. The metal is riding on a wave V, the final wave of a five-wave cycle from the December 2015 low of $1,045.85. It is expected to be an extended fifth wave, which would be much longer than the preceding wave III. A projection analysis reveals an immediate resistance at $2,268, the 100% level, around which market may experience a brief correction. However, the uptrend shall remain intact, as it is riding on a powerful wave (3), this third wave of a bigger wave V. This wave (3) is unlikely to be stopped by any resistances until it extends to $2,552. Perhaps it is a bit too early to discuss the fate of the wave V. The analysis on this peculiar wave would require a bit imagination. It is highly likely that the wave V becomes extended. A logical calculation based on the preceding wave III suggests an aggressive target of $3,147, one of the few possible ending points of the wave V. It is a bit fictional to establish this target for the second quarter. The target provides strong psychological support for bulls over a longer term. The target won't look ridiculous at all if put in a longer time frame, say by the end of the year 2024 or 2025. Back to the near term, a break below $2,160 may open the way towards $2,093. On the daily chart, the rise from $1,809.50 is labelled as a wave (I). A projection analysis on the current wave (iii) reveals a break above the 61.8% level of $2,186. This is a considered a key barrier. The break confirmed the target of $2,310, the 100% level. A bullish pennant suggests the same target. ** Charts are unavailable in emails received through "Alert". To view charts, key in news code TECH/C . ** 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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ xau q2 https://tmsnrt.rs/3IOdquI xau q2 d https://tmsnrt.rs/3PxbgUe ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Mrigank Dhaniwala) (([email protected]; +65 6973 8364/9188 4196))