SINGAPORE: Spot gold may bounce into a range of $1,992-$2,003 per ounce as it has found support at $1,975.

The support is identified as the 100% projection level of a downward wave c from $2,047.99.

This wave is expected to travel into a range of $1,929-$1,947, as suggested by a wedge.

However, the support at $1,975 looks strong enough to stop this wave for one or two days and trigger a bounce.

The bounce could be a pullback towards the wedge.

Spot gold may fall towards $1,975

A break below $1,975 could open the way towards the $1,947-$1,964 range.

On the daily chart, a deep correction is extending towards a range of $1,939 to $1,963, as pointed by a rising trendline.

A retracement analysis on the uptrend from $1,613.60 indicates a lower target zone from $1,843 to $1,897.