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SINGAPORE: Spot gold may test a resistance at $1,820 per ounce, a break could lead to a gain to $1,829.
The metal has more or less broken a resistance at $1,812.
The break opens the way towards $1,820-$1,829 range.
A falling trendline suggests a target of $1,820 as well.
A fall below $1,805 could confirm the completion of the bounce from $1,783.50 or its first round.
Spot gold may retest support at $1,812
A target of $1,794 will be established accordingly. On the daily chart, the long-shadowed hammer on July 1 symbolized a strong support around the May 16 low of $1,786.60.
The metal may take a few days to overcome this barrier and fall further.
The hammer also suggests a possible bounce into a range of $1,830-$1,842.
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