SINGAPORE: Signals are mixed for spot gold, as it is struggling around a falling trendline.

The reversal of the downtrend from the Jan. 6 high of $1,959.01 will only be confirmed when gold breaks the trendline.

The current sideways move could be interpreted as a pullback towards the trendline or a failure to break it.

A bullish target of $1,875 has been temporarily aborted. It will only be resumed when gold breaks $1,853.

Immediate support is at $1,831.60, a break below which could cause a fall into $1,800-$1,818 range.

On the daily chart, gold is biased to rise towards $1,859, the 38.2% projection level of a presumed wave c from $1,784.76.

This projection analysis reveals a key support at $1,831, which is almost identical to the one at $1,831.60 on the hourly chart.

As long as gold hovers above $1,831, it is likely to rise to $1,859. A break below this level could cause a fall towards $1,784.76.

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.