SINGAPORE: Spot gold may drop into a range of $1,884 to $1,897 per ounce, as a wave c from $1,809.27 may have completed. The most convincing signal of the completion is the breakdown of this wave c into five smaller waves.

The wave 3 has extended so much that the wave 5 is unlikely to extend above $1,938. Strategically, the target zone of $1,883 to $1,897 will be confirmed when gold breaks $1,905.

Resistance is at $1,925, a break above could lead to a gain into $1,938-$1,951 range. On the daily chart, the big spinning top on Wednesday reflects a hesitation of the market.

Spot gold may retest resistance of $1,917

This pattern followed a small black candlestick on Tuesday.

These patterns combine to symbolize a disruption of the steady rise.

Market may have entered into a consolidation phase.