SINGAPORE: Spot gold may retest a support at $1,849 per ounce, a break below could cause a fall to $1,831.

A five-wave cycle from $1,757.63 is over, as confirmed by its wave structure and a retracement analysis, which reveals the precise support at $1,849.

Over the next few days, the metal may slide towards the range of $1,817 to $1,831.

Resistance is at $1,859, a break above could lead to a gain at $1,869.

Spot gold looks shaky around $1,870; pullback likely

On the daily chart, gold failed to break a resistance at $1,862. The failure triggered a pullback towards a falling trendline.

The pullback may extend to $1,828, around which, the uptrend is expected to resume.

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