Spot gold may fall into $1,753-$1,763 range
- The subsequent drop could extend far below $1,753 when gold breaks $1,772, as a duplicated lower channel suggests a target of $1,738.
SINGAPORE: Spot gold is poised to break a support at $1,772 per ounce and fall into a range of $1,753-$1,763.
The metal failed twice to break a resistance at $1,792. The pattern around this level looks like a double-top, which suggests a target of $1,753.
The consolidation within the narrow range of $1,772-$1,784 seems to be ending at the downside. The downtrend from $1,797.67 may resume.
The subsequent drop could extend far below $1,753 when gold breaks $1,772, as a duplicated lower channel suggests a target of $1,738.
A break above $1,784 could lead to a gain into a $1,792-$1,803 range. On the daily chart, a bullish target of $1,828 has been temporarily aborted. It will only be resumed when gold breaks $1,799.
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