SINGAPORE: Spot gold may stabilise around a support at $1,801 per ounce, and test a resistance at $1,815.

The metal is riding on a wave C from $1,753.30, which is expected to travel to $1,850, its 61.8% projection level.

The big loss on Monday is expected to be slowly recovered.

The current rise observes closely a set of retracements of the fall from $1,876.90.

The support at $1,801 is expected to hold and stop the fall.

A break below $1,801 could open the way towards $1,782.

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