SINGAPORE: Spot gold may retreat to $1,930 per ounce, following its failure to break a resistance at $1,956.

The resistance is identified as the 123.6% projection level on an upward wave c from $1,819.35. Gold not only failed to overcome this barrier, but also broke a support at $1,946.

Chances are the metal may slide more towards $1,930.

A break above $1,946 may lead to a gain into $1,956-$1,972 range.

On the daily chart, gold is near a key resistance at $1,965.33, the peak of the wave B. Working together with this resistance is another one at $1,955, the 61.8% retracement on the downtrend from $2,072.50 to $1,761.29.

These resistances may trigger a pullback towards a falling trendline.

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