SINGAPORE: Spot gold may retest a support at $1,976 per ounce, a break could cause a fall into $1,924-$1,953 range.

The uptrend from $1,779.20 has reversed, as confirmed by its corrective wave structure and the deep drop from $2,069.89.

The bounce triggered by the support at $1,976 may have ended around a resistance at $2,008.

Gold is poised to break $1,976 and fall more.

A break above $2,008 would confirm the extension of the bounce towards $2,020-$2,032 range.

On the daily chart, the current fall is against the uptrend from $1,779.20.

A retracement analysis on the uptrend reveals a break below a support at $2,001.

The break opened the way towards $1,925-$1,959 range.

The bounce from the Thursday low of $1,970.29 looks like a pullback towards $2,001, now a resistance.

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