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SINGAPORE: Spot gold may slide to $1,952 per ounce, as it has broken a support at $1,976.

The current fall is still controlled by a set of projection levels on the rise from $1,878.49.

Following its failure to break $1,976 in the first attempt on Wednesday, gold eventually broke this level.

The break opened the way towards $1,924-$1,953 range.

The break will prove false, if gold climbs above $1,976 and keep hovering above this level.

A bullish target zone of $1,999-$2,027 will be established accordingly.

On the daily chart, the current fall is presumed to be against the uptrend from $1,779.20.

A retracement analysis on the uptrend reveals a break below a support at $2,001.

The break opened the way towards $1,925-$1,959 range. A break above $2,001 may bring some hope for a continuation of the uptrend.

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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