SINGAPORE: Spot gold is expected to retest a resistance at $1,818 per ounce, with a good chance of breaking above this level and rising towards $1,840.

A falling channel suggests a further gain to $1,840. The metal failed to break $1,818 in its first attempt.

Following a shallow correction to $1,801, it may have accumulated enough momentum to overcome this barrier.

A fall below $1,795 could signal the continuation of the downtrend towards $1,761. On the daily chart, gold has cleared a resistance at $1,805, it may rise to $1,841, which is near $1,840 (hourly chart).

A downward wave C from $1,959.01 has either completed its first leg or ended around $1,769. Over the next few days, gold is expected to bounce into the $1,841-$1,886 range.

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