SINGAPORE: Spot gold may test a support at $1,775 per ounce, a break below which could open the way towards $1,752-$1,766 range.
The metal failed twice to break a resistance at $1,825. The failures suggest the formation of a double-top which will be confirmed when gold breaks $1,775.
The uptrend from $1,615.90 may have reversed. Three waves make up the trend. The wave b ended at $1,727.50 which serves a target next week.
Immediate resistance is at $1,797, a break above which could lead to a gain into $1,806-$1,816 range.
Spot gold still targets $1,833
On the daily chart, the bearish divergence on MACD confirms a completion of the bounce from $1,615.59.
The downtrend from the March 8 high of $2,069.89 may have resumed.
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