SINGAPORE: Spot gold may test a support at $1,821 per ounce, with a good chance of breaking below this level and falling to $1,812.

The consecutive falls over the past three trading sessions suggest a continuation of the downtrend from $1,877.05.

The trend is riding on a wave C which could travel into $1,784-$1,812 range.

Spot gold may test resistance at $1,856

A bounce from the current level may be limited to $1,840.

On the daily chart, gold failed to break a resistance at $1,867.

The failure confirms a steady downtrend within a falling channel.