SINGAPORE: Spot gold may test a support at $1,924 per ounce, with a good chance of breaking below this level and falling towards $1,898.

The metal is presumed to be riding on a wave c from $1,965.40.

This wave has been disrupted by a support at $1,898, its 38.2% projection level.

However, the wave c is capable of travelling to $1,857.

It is expected to resume to overcome the barrier at $1,898. Key resistance is at $1,965, a break above which could lead to a gain to $2,001.

On the daily chart, signals are a bit mixed as gold is stuck in a neutral range of $1,890-$1,959.

The consolidation in the range may either turn out to be a bottom pattern or a continuation pattern. Signals on the hourly chart suggest a downside bias.

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