SINGAPORE: Spot gold may retest a resistance at $1,792 per ounce, as it has stabilized around a support at $1,772.

The support is around the lower channel line. It suggests a continuation of the uptrend from $1,677.70. The trend may consist of five waves.

The fifth wave labelled e is unfolding towards $1,803. A break below $1,772 could open the way towards $1,753-$1,763 range. On the daily chart, the metal managed to hover above a support at $1,776.

Chances are it could resume its rally towards the upper channel line around $1,828.

A drop below the April 23 low of $1,769.63 could not only open the way towards $1,723-$1,752 range, but also signal a completion of the bounce from $1,676.10.

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