SINGAPORE: Spot gold may revisit its July 23 low of $1,789.98 per ounce, as it failed three times to break a resistance at $1,832.

The repeated failures suggest a reversal of the uptrend from $1,749.20. Strategically, the target at $1,789.98 will be confirmed when gold breaks $1,802.

A break above $1,822 could lead to a gain into the $1,832-$1,853 range. On the daily chart, gold is basically trapped within a neutral range from $1,806 to $1,840. Trending signal will become clearer when it gets out of the range.

Why are gold prices rising in Pakistan and internationally?

A break below $1,806 could cause a fall to $1,784 while a break above $1,841 could confirm the continuation of the wave c towards the $1,869-$1,897 range.

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