SINGAPORE: Spot gold may retest a support at $1,793 per ounce, a break below which could cause a fall into $1,778-$1,785 range.
The rise from the Dec. 15 low of $1,753.30 may have completed, following the metal's repeated failures to break a resistance at $1,815 and an ascending trendline.
The low of $1,753.30 may be revisited in due course. But first, gold may drop into $1,778-$1,785 range.
A break above $1,809 could lead to a gain into $1,817-$1,821 range.
On the daily chart, gold is riding on a wave (3), the third wave of a bigger wave C from $1,876.90.
This wave C is capable of travelling into a zone of $1,632-$1,725.
A break above $1,819 could open the way towards $1,849.
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