SINGAPORE: Spot gold may slide more into a range of $1,744-$1,758 per ounce, following its failure to break a resistance at $1,785.

The metal could be rising within a narrow channel which suggests a target zone of $1,744-$1,758. The uptrend is expected to resume in the zone.

A projection analysis reveals an immediate resistance at $1,772, a break above which could lead to a gain to $1,785. Eventually, the metal may break $1,785 and rise towards $1,851, as a double-bottom developing around $1,677 indicates a target of $1,852.

On the daily chart, gold failed to break a resistance at $1,776. It is expected to retreat to $1,752. A further drop is less expected. However, a break below $1,752 could open the way towards $1,723.

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