SINGAPORE: Spot gold may break a support at $1,833 per ounce and fall into a range of $1,797-$1,819.

The support is identified as the 161.8% projection level of a wave c from $1,927.45. This wave deeply pierced below the support on Jan. 11. It has a better chance of extending to $1,775.

The fall from $1,959.01 is classified as a continuation of the preceding downtrend from the Aug. 7, 2020 high of $2,072.50.

The metal may revisit the low of $1,774.79 over the next one or two weeks.

A break above $1,861 could lead to a gain to $1,869. On the daily chart, gold is poised to retest a support at $1,810, the 76.4% retracement of the uptrend from $1,764.29 to $1,959.01.

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