SINGAPORE: Spot gold may fall to $1,815, as it failed to break a resistance at $1,830 per ounce.

The failure triggered a shallow correction towards $1,815, around which, the uptrend may resume.

The trend is riding on a wave C, which is expected to travel to $1,850, its 61.8% projection level, or far above the peak of the wave A at $1,876.90.

A break below $1,815 could cause a further fall to $1,801, while a break above $1,830 could lead to a gain to $1,848.

Spot gold may test resistance at $1,815

On the daily chart, the uptrend is developing within a rising channel, which suggests a target around $1,920. It is still too early to aim at this level.

A realistic target will be either $1,849 or $1,877.

The rise could consists of five waves.

The fifth wave, the wave e, is unfolding towards $1,849-$1,877 range.

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