SINGAPORE: Spot gold may test a support at $1,963 per ounce, a break below which could open the way towards $1,934-$1,952 range.

The metal failed three times to break a resistance at $2,005.

The failures suggest the formation of a top.

A five-wave cycle from the Feb. 28 low of $1,804.20 could be ending.

Spot gold may rise into $1,992 to $2,009 range

Immediate resistance is at $1,981, a break above which could lead to a gain into $1,992-$2,005 range.