SINGAPORE: Spot gold may retest a support at $1,837 per ounce, a break below which could open the way towards $1,817. The contract approached the support again on Thursday.

This move signals a continuation of the downtrend from the June 3 high of $1,873.79.

The continuation will be confirmed when gold breaks $1,837.

The break will also confirm a double-top forming around $1,867, which will suggest a target of $1,787.

A rise above $1,859 would indicate the extension of the uptrend.

Spot gold neutral in $1,844-$1,858 range

On the daily chart, a retracement analysis reveals a neutral range of $1,836.51-$1,867.39. Trending signals will remain unclear until gold gets out of this range.