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.
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