SINGAPORE: Spot gold may bounce again to $1,825 per ounce before turning around and falling towards its Feb. 28 low of $1,804.02.

The metal is trying to stabilise around a support of $1,812, which triggered a bounce that may consist of three waves. So far, only two have unfolded.

The wave c is expected to travel to $1,825. Given that so much of the rise from $1,804.20 has been reversed, this low is highly likely to be revisited.

A break above $1,825 would make this target invalid. On the daily chart, the doji on Wednesday around a support at $1,813 complicates the picture. The pattern is a leading indicator of a possible bounce.

It also suggests the formation of a flat or wedge.

Spot gold may end bounce around $1,853 and fall

A bearish target zone of $1,768-$1,793 has to be temporarily aborted.

It will be resumed only when gold falls below $1,804.20.