Spot gold may retest support at $1,182

SINGAPORE: Spot gold may retest a support at $1,182, a break below which could cause a loss to the next support at $1,174.

These supports are identified as the 76.4 percent and the 100 percent projection levels, respectively, of an upward wave C from $1,208.23.

A break below $1,182 will not only cause a further loss, but also confirm a head-and-shoulders, which will then suggest a target around $1,157.

A break above $1,191 could lead to a gain into the range of $1,195-$1,200.