SINGAPORE: Spot gold still targets a range of $1,828 to $1,844 per ounce, as it has broken a rising trendline. This break confirmed the continuation of a downtrend from $1,959.52.

The trend observes two sets of retracements, respectively on the uptrend from $1,615.59 and the trend from $1,727.50.

A break above $1,878 may lead to a gain into $1,905-$1,909 range. On the daily chart, the metal has briefly pierced below a support at $1,858.

This could be due to the completion of a moderate bounce triggered by this barrier.

Asia gold: Price dip sparks buying in key hubs, China premiums firm

The brief piercing suggests a continuation of the downtrend towards a range of $1,813-$1,833.