SINGAPORE: Spot gold is expected to test a support at $1,789 per ounce, a break below which could cause a fall to $1,774.
The contract failed twice to break a resistance at $1,813. The failures suggest the formation of a temporary top around this barrier.
The rise from $1,749.20 could be ending.
A break above $1,818 could lead to a gain to $1,833.
Spot gold to retest support at $1,789
On the daily chart, the metal is riding on a wave c which is capable of travelling into $1,840-$1,897 range. However, it failed twice to break a resistance at $1,806.
It seems the metal is suffering from a weak momentum to overcome this barrier. It may retreat towards $1,784 first.
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