SINGAPORE: Spot gold may retest a support at $1,792 per ounce, a break below which could cause a fall to $1,777.

The metal has fallen below a rising channel.

A duplicated lower channel suggests a target around $1,753.

A further observation is still needed to confirm this target.

Currently, a support at $1,792 holds firm.

Spot gold may retest resistance at $1,850

It triggered a pullback towards the upper channel. The pullback is supposed to end around $1,803.

A further rise could signal the break below the rising channel was false.

A bullish target zone of $1,815-$1,830 will be established then.

On the daily chart, a retracement analysis on the uptrend from $1,684.37 shows a break below a support at $1,803.

The break opened the way towards $1,781. Chances are the third black candlestick would form on Friday.

The metal may stabilize around a support at $1,781, probably to resume its uptrend thereafter, as indicated by a rising channel.

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