SINGAPORE: Spot gold may drop into a range of $1,828 to $1,844 per ounce, following its break below a rising trendline. This break confirmed the reversal of the uptrend from $1,727.50.
The downtrend from $1,959.52 observes two sets of retracements, respectively on the uptrend from $1,615.59 and $1,727.50.
A break above $1,878 may lead to a gain into $1,905-$1,909 range. On the daily chart, the metal has more or less broken a support at $1,858.
Spot gold still targets $1,828-$1,844 range
The next support will be $1,833, a break below which could open the way towards $1,812. A bearish flag pattern has been confirmed, suggesting a lower target of $1,793.
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