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SINGAPORE: Spot gold may extend its loss into a range of $1,817 to $1,826 per ounce, as it has broken a support at $1,837.
The metal is controlled by a set of retracements on the fall from $1,998.10 and a set of projection levels on the uptrend from $1,807.10.
The break below $1,837 signals a continuation of the downtrend as the falling trendline remains intact.
The trend may extend towards $1,786.60 again.
Spot gold neutral in $1,845-$1,856 range
On the daily chart, the big black candlestick on Tuesday strongly suggests a further fall on Wednesday.
The support at $1,837 looks unable to hold. The metal may seek a support around $1,817 which is near the bottom of a wave b.
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