SINGAPORE: Spot gold may fall into a range of $1,828 to $1,844 per ounce, following the drop on Thursday. This drop confirmed the continuation of a downtrend from $1,959.52.
The trend observes two sets of retracements, respectively on the uptrend from $1,615.59 and the trend from $1,727.50.
A bounce from the current level would be unlikely. It will be classified as a pullback towards a rising trendline if occurring.
A break above $1,878 may lead to a gain into $1,905-$1,909 range.
On the daily chart, the metal seems to have ended its moderate consolidation above a support at $1,858.
It is poised to fall towards $1,833.
The fall is presumed to be riding on a wave C from $1,959.60, which could travel to $1,613.60.