SINGAPORE: Spot gold may retest a support at $1,830 per ounce, a break below could open the way towards $1,797-$1,813 range.

The metal has fallen below a key support at $1,840, the 100% projection level of a wave c from $1,909.55.

This wave has a better chance of extending to $1,813 or $1,797.

A projection analysis on a bigger wave C from $1,919.55 suggests a target of $1,793, which is pretty close to $1,797.

The support at $1,830 has triggered a bounce.

Spot gold may test support at $1,840

It is not very clear how strong this bounce would be.

A break above $1,840 may lead to a gain into $1,849-$1,856 range.

On the daily chart, both a projection analysis and a rising trendline suggest a target of $1,818.

Either the downtrend from $1,998.10 would reverse soon or a decent bounce would occur around $1,818.