SINGAPORE: Spot gold may retest a resistance at $1,867 per ounce, a break above which could lead to a gain to $1,879.
The metal failed to break the resistance at $1,867 again.
The correction triggered by the resistance is supposed to be much shallower than the one from the May 24 high of $1,869.49.
The correction seems to have completed, after gold stabilized around the support at $1,848.
Spot gold may test resistance at $1,879
Wave pattern suggests the progress of a wave c, which is expected to travel to $1,911.
A break below $1,848 could cause a fall into $1,828-$1,840 range.
On the daily chart, a bullish flag has been confirmed, suggesting a target of $1,917.
The drop on June 3 is classified as a pullback towards this flag.
The target of $1,917 remains intact. Only a further drop to $1,837 could make this target doubtful.
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