SINGAPORE: Spot gold may retest a support at $1,938 per ounce, as the bounce triggered by this level seems to be ending around a resistance at $1,964.
The bounce is against the steep fall from the June 2 high of $1,983.29.
It is not considered as an extension of the preceding rise from the May 30 low of $1,931.76.
The downtrend from the May 4 high of $2,072.19 remains steady.
It may extend towards $1,890, as pointed by a falling trendline.
Spot gold may revisit May 30 low of $1,931.76
A break above $1,964 could lead to a gain into the $1,975-$1,985 range.
On the daily chart, the consolidation within a range of $1,939 to $1,984 goes on.
The metal may suddenly break the support at $1,939 and fall towards $1,898, as the correction against the uptrend from $1,613.60 looks far from complete.
It may extend to $1,804, the bottom of the wave D.
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