SINGAPORE: Spot gold may test a resistance at $1,756 per ounce, a break above which could lead to a gain to $1,765-$1,774 range.
The metal broke a falling trendline.
The break signals a reversal of the downtrend from $1,802.29.
Gold seems to be pulling back towards the trendline. The pullback may end around $1,745.
A further slide to $1,738 would complicate the picture, as it suggests either a resumption of the downtrend or an extended pullback.
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On the daily chart, gold is expected to retest a falling trendline, following its stabilization around a support at $1,727.
Wave pattern indicates the completion of a wave b around $1,727.
This wave will be partially or totally reversed by the current wave c.
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