SINGAPORE: Spot gold may test a support at $1,801 per ounce, a break below which could cause a fall to $1,783.
After a consolidation within narrow range of $1,815-$1,830 per ounce, the metal chose to fall towards $1,801.
The fall looks like a part of a consolidation from the Jan. 5 high of $1,829. The consolidation may be shaped into a flat pattern.
A rise above $1,823 may signal the continuation of the uptrend towards $1,848.
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On the daily chart, the metal is poised to break a support at $1,803 and fall towards $1,781, as pointed by a rising channel.
A stabilisation of the price around $1,803 could increase the chance of the uptrend to resume, while a break below $1,781 would be a very bearish signal that the downtrend from $1,876.90 may have continued.
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