SINGAPORE: Spot gold may retest a support at $1,842 per ounce, a break below which could cause a fall to $1,825.

The metal has broken a rising trendline.

The break signals a reversal of the uptrend from $1,677.61.

A retracement analysis reveals a target zone of $1,797-$1,825.

The current drop has been driven by a wave c. A projection analysis marks a support at $1,842, which triggered the current pullback towards the trendline.

The pullback may end in $1,872-$1,879 range.

A break above $1,879 could lead to a gain into $1,888-$1,903 range.

On the daily chart, the break above a falling trendline proved to be false.

Either the downtrend from $2,072.50 has resumed, or a deep correction is extending towards $1,784-$1,818 range.

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