SINGAPORE: Spot gold may test a resistance at $1,856 per ounce, a break above could lead to a gain into a range of $1,864 to $1,871.
The metal managed to stabilise around a support at $1,834.
The stabilization confirms the completion of a correction triggered by the resistance.
Gold failed twice to break $1,834.
Spot gold may retest resistance at $1,856
The failures suggest the formation of a small double-bottom, which will indicate a target of $1,856 once it is confirmed by a break above $1,844.
A break below $1,834 could open the way towards $1,824-$1,830 range.
On the daily chart, gold has broken a resistance at $1,837. The break opened the way towards $1,867.
Trending signals remain a bit mixed. They will become clearer when gold breaks above $1,867 or below $1,817.
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