TECHNICALS-Spot gold may revisit Oct. 30 high of $2,790

SINGAPORE, Jan 24 (Reuters) - Spot gold XAU= may revisit its Oct. 30 high of $2,790 per ounce, as it has cleared resistance at $2,747, the last barrier towards $2,790.

The uptrend is believed to have resumed within a rising channel, which suggests a target of around $2,930. A realistic target is $2,822.

A break below $2,747, now a support, may cause a fall to $2,700. A further drop will be bearish, as it signals the formation of a double-top around $2,785.

On the hourly chart, the contract has touched a fresh high, which confirms the continuation of the uptrend from $2,596. A projection analysis on the trend from $2,596 reveals a target of $2,798, which is close to $2,790 on the daily chart.

The sudden surge on Jan. 24 highlights the explosive nature of this wave 3, which could travel far above $2,798.

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.