SINGAPORE: Spot gold may edge up into a range of $1,975 to $1,985 per ounce, since it managed to stabilize around $1,957.

The metal experienced a shallow correction after failing to break $1,964 at its first attempt. Given that it refused to slide towards $1,938, it may bounce more towards $1,985.

A break below $1,957 could open the way towards $1,938-$1,947 range.

On the daily chart, the consolidation could be temporary within a range of $1,939 to $1,984 and above a trendline.

Spot gold may retest support at $1,938

The underlying observation for this view is that the correction against the uptrend from $1,613.60 looks far from complete.

It may extend to $1,804, the bottom of the wave D. A break above $1,984, which looks highly unlikely, may lead to a gain to $2,004 while a break below $1,939 could open the way towards $1,898.

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