SINGAPORE: Spot gold may retest a support at $1,783 per ounce, a break below could cause a fall towards $1,764.

The metal failed a few times to break a resistance at $1,814.

The failures suggest a completion of the rise from $1,720.49 or an extended consolidation from the Oct. 22 high of $1,813.64.

Under both scenarios, gold may drop to $1,783 again.

Spot gold may retest $1,813, bullish triangle spotted

A break above $1,814 could confirm the continuation of the uptrend towards $1,826.

On the daily chart, the metal seems a bit lost around a resistance at $1,800. False break above this level contradicts a pullback towards a falling trendline.

It is such a messy phase.The confusion could be cleared when a big white or black candle forms.

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