SINGAPORE: Spot gold may retest a support at $1,830 per ounce, a break below could open the way towards $1,797-$1,813 range.
The metal has fallen below a key support at $1,840, the 100% projection level of a wave c from $1,909.55.
This wave has a better chance of extending to $1,813 or $1,797.
A projection analysis on a bigger wave C from $1,919.55 suggests a target of $1,793, which is pretty close to $1,797.
The support at $1,830 has triggered a bounce.
Spot gold may test support at $1,840
It is not very clear how strong this bounce would be.
A break above $1,840 may lead to a gain into $1,849-$1,856 range.
On the daily chart, both a projection analysis and a rising trendline suggest a target of $1,818.
Either the downtrend from $1,998.10 would reverse soon or a decent bounce would occur around $1,818.
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