SINGAPORE: Spot gold may fall into $1,879-$1,886 per ounce, following its failure to break a resistance at $1,917.
The failure could have triggered a correction similar to the one from the Feb. 15 high of $1,879.48.
A break below $1,893 could confirm the target zone of $1,879-$1,886.
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A break above $1,902 could signal the continuation of an expanding wedge, towards $1,920.
On the daily chart, market turned weak below a resistance zone of $1,921.07-$1,927. A shallow correction would be good for bulls to accumulate momentum and push the prices up again.
The upside could be limited to $1,927 if the metal managed to rise without a correction.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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