SINGAPORE: Spot gold may retest a support at $1,867 per ounce, with a good chance of breaking below this level and falling into $1,840-$1,856 range.
The metal is riding on a wave C, which consists of three smaller waves. The third wave, the wave c, is expected to travel to $1,839.
The bounce triggered by the support at $1,867 seems to have ended around a resistance at $1,893.
Immediate resistance is at $1,883, a break above could lead to a gain into $1,893-$1,910 range.
On the daily chart, an alternative wave count reveals the progress of a wave c which may travel to $1,818, its 100% projection level.
Spot gold may test resistance at $1,908
A rising trendline points at the same target. The long-shadowed shooting star on May 5 confirmed a completion of the bounce around a resistance at $1,908.
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