SINGAPORE: Spot gold may fall to $1,898, as it has broken a support at $1,924 per ounce.

The metal is riding on a wave c from $1,965.40. This wave may travel into a wide range of $1,790 to $1,857, formed by its 100% and 61.8% projection levels.

The next support will be at $1,898, a break below which could cause a fall to $1,878.

A break above $1,924, now a resistance, may lead to a gain into $1,940-$1,953 range.

Spot gold may test support at $1,924

On the daily chart, gold is stuck in a neutral range of $1,890 to $1,959.

Trending signals will be clearer when the metal gets out of the range.

The consolidation may either turn out to be a bottom pattern or a continuation pattern. Regardless of the next direction, gold may drop to $1,890 first.

The views expressed are his own. No information in this analysis should be considered as being business, financial or legal advice.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.